ACCT-311 Lecture Notes - Lecture 1: Jeff Bezos, Book Value, Deferral
25 Mar 2016
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Accountingcoach. com: some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. Marilyn moves on to explain the balance sheet, a financial statement that reports the amount of a company"s (a) assets, (b) liabilities, and (c) stockholders" (or owner"s) equity at a specific point in time. Because the balance sheet reflects a specific point in time rather than a period of time, marilyn likes to refer to the balance sheet as a. snapshot of a company"s financial position at a given moment. For example, if a balance sheet is dated december 31, the amounts shown on the balance sheet are the balances in the accounts after all transactions pertaining to december 31 have been recorded. (a) assets. Assets are things that a company owns and are sometimes referred to as the resources of the company. Joe how these are reported in accounts called vehicles, cash,
