ACC 100 Lecture 3: Chapter 3 Notes
Document Summary
Accounts are common subgroups of inancial reporing elements that are used to accumulate (gather) business aciviies. Business names: consider geing experts help, name should communicate no numbers or geographic, no long or confusing names, consider coining a name, 6 months in the naming process. 6 keys to a memorable name: under 6-7 characters, easy to spell, easy to pronounce, alliterate gumgum , can you use an animal or colour in the name, abstract is ok doesn"t need to have a meaning. Transacion: an event that is measurable and realized. Capitalized: meaning the cost is recorded as an asset because it has future beneits for the company. Long-lived asset: an asset will last over the long term: tangible assets: physical assets such as land or buildings, intangible assets: non-physical assets which represent legal rights, such as a license, trademark, or brand name. ) Balance sheet: statement of cash lows, balance sheet assets = liabiliies + equity (owners capital + retained earnings)
