BUSS1030 Lecture Notes - Lecture 2: Accounts Payable, Deferral, Current Liability

• School: University of Sydney
• Department: Business Studies
• Course: BUSS1030
• Professor: All

Document Summary

Inventories, prepaid expenses, land, buildings, plant & equipment. Money, service legal retainers, accounts payable, bills payable, accrued. 1st year, next 4 years considered as non-current) Whatever left of assets after liabilities have been deducted (oe = a l) Oe accounts capital / ow(cid:374)e(cid:396)s" i(cid:374)te(cid:396)est i(cid:374) the (cid:271)usi(cid:374)ess (cr), drawings (dr), revenues (cr), Expenses (dr), dividends (dr: capital + revenues expenses drawings dividends, revenues expenses = profit. Oe increases due to owner investment in the business, revenues. Oe decreases due to owner drawings from the business, expenses. Air berlin a big airline that has collapsed: get someone to buy it it tried to pay off all of its loans by selling off all assets (cid:374)ot (cid:373)u(cid:272)h ow(cid:374)e(cid:396)"s e(cid:395)uity left. 31 jan used supplies of : 1 jan cash (decreases ), supplies (increases , 31jan supplies (decreases ), supply expenses (increase ) Revenue: amounts received / to be received from customers for sales of products/provision of services, e. g.