Get 1 week of unlimited access
Class Notes (1,034,984)
CA (593,237)
UofM (6,372)
ACC (21)
Lecture 1

ACC 1101 Lecture Notes - Lecture 1: Dark Ozz, Financial Statement, Net Income

12 pages82 viewsFall 2015

Department
Accounting
Course Code
ACC 1101
Professor
Miller Susan
Lecture
1

This preview shows pages 1-3. to view the full 12 pages of the document.
Accounting Cycle Two
-Operating activities: activities a company does for its day to day operations
-Rent revenue: an equity account that is also and income statement account – it will go on
an income statement
-Shareholders are now owed the $20 000 because the company has received that from the
renter
You're Reading a Preview

Unlock to view full version

Only half of the first page are available for preview. Some parts have been intentionally blurred.

Accounting Cycle Three
-From here we can do first our income statement, and then our balance sheet
-An income statement only has one years worth of income on it
You're Reading a Preview

Unlock to view full version

Only half of the first page are available for preview. Some parts have been intentionally blurred.

You're Reading a Preview

Unlock to view full version


Loved by over 2.2 million students

Over 90% improved by at least one letter grade.