Accounting:

• An information system that provides reports to stakeholders about the economic activities and condition of a business.
  • Financial accounting: The area of accounting that focuses on recording transactions and events so that general-purpose financial statements can be prepared.
  • Managerial accounting: The branch of accounting that aids management in making financing, investing, and operating decisions for the company.
  • The head of the accounting department in a company is called comptroller or chief financial officer (CFO).

 
Statement of stockholders’ equity: A financial statement that reports the change in financial condition due to the changes in stockholders’ equity items for a specific period of time.
 
Retained earnings: Net income retained in a corporation. (Beginning retained earnings + Net income – Dividends = Ending retained earnings)
 
Stockholders’ equity: The stockholders’ rights to the assets of a business.
Assets = Liabilities + stockholder’s Equity
 
Statement of cash flows: Provides a summary of the cash receipts and cash payments and reports the change in financial condition due to the change in cash during a specific period of time.
 
Financial Accounting Standards Board (FASB): The authoritative body that has the primary responsibility for developing accounting principles.
 
Financial accounting system: A system that includes:

• (1) a set of rules for determining what, when, and the amount that should be recorded for an economic event;
• (2) a framework for facilitating preparing financial statements; and
• (3) one or more controls to determine whether errors could have occurred in the recording process.

 
Cash basis of accounting: A system of accounting in which only transactions involving increases or decreases of the entity’s cash are recorded. (Practiced in Chapter 2)

• Under the cash basis of accounting, net income and net cash flows from operating activities are equal.

 
Accrual Basis of Accounting: A system of accounting in which revenue is recorded as it is earned, and expenses are recorded and matched against the revenue they generate.

• Under the accrual basis of accounting, net income and net cash flows from operating activities may be significantly different.
• Revenue is recorded when it is earned, expense when expense is incurred in generated revenue, and adjusting entries required in order to prepare financial statements.

Tom Gosche had the pleasure of being the guest or Frank Again.

Explore how Tom Gosche got into business development for a CPA practice as well as insight on how to build B.R.A.N.D.

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​Drawing from his own experiences, observations and research, Frank Agin ... entrepreneur, attorney, author and founder of AmSpirit Business Connections ... will share insights and ideas for building a better more productive life through a better understanding and execution of professional networking.

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What is a “Typical Situation” people are in when they realize they need your help?
 Anytime you have an issue with water/flooding or fire. When the cleanup is a result of fire, flood, and also biohazard. Typical examples would be- sewer backup, broken pipes or a broken appliance that spills water into your place of business or home. Many times these incidents are covered by your insurance. We also can assist with a cleanup after a fire. We also are a resource if you need mold removal. Usually this is an unexpected situation as disaster can strike at any time.
 
What is something someone might say that would lead me to think of you?
First line would be someone in this type of emergency. But normally we receive our business and jobs from Insurance agents, Property Managers, Facility Managers, and Operations Departments
 
What (Specifically) do you do (3 lines Max)?
We are the world leader in disaster recovery and restoration services. We are ready whether the job is large or small- 24 hours a day, 7 days a week
 
How do you do it (3 Lines Max)?
We respond within hours to your situation and get you back to business as soon as possible. We also can put your emergency back to its original form. It is one call, we can get you back in business.