ACC 100 Lecture Notes - Accounts Payable, Financial Statement, Retained Earnings

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Financial statements are information systems to communicate to external users. In order to have a good communication system, financial accountants (that"s you i"m talking about) must know and understand the meaning of the accounts and also where those accounts belong (in which financial statement). Using your textbooks, find the definition of each of the accounts and complete the chart of accounts (provided). Try to use your own words to define the account names this will help you later in the course. Note that this chart also requires you to determine if the accounts are assets, liabilities, This understanding is very important to the creation of financial statements. Once you have completed your chart of accounts create, using the blank statements you are provided with, a balance sheet, statement of retained earnings and a statement of. You may use your book as a resource but you should also understand why you are placing the accounts in that particular statement.

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