ACCTG300 Lecture Notes - Lecture 2: Current Liability, Retained Earnings, Accounts Receivable

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Chapter 2 - a further look at financial statements. Classi ed balance sheet a classi ed balance sheet generally contains the following standard classi cations: 5 years split between long and current - current payment will go in the current and the remainder will go into the non-current examples include: bonds payable mortgage payable. Balance sheet - shareholders" equity share capital: investment of cash (or other assets) in the company by shareholders in exchange for preferred or common shares retained earnings: cumulative pro ts kept for use in the company revenues minus expenses dividends. Income statement revenues: operating revenues non-operating revenues expenses: Cost of goods sold - cogs operating expenses non-operating expenses. Nancial reports should provide information that is useful in making investing, lending, and other economic decisions. Nancial reports should provide information that is useful to decision-makers in predicting the future cash ows of businesses and future cash dividends from those businesses.

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