Feb 7th mgmt lec on accting.docx

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Department
Management (MGM)
Course
MGMD01H3
Professor
Chris Bovaird
Semester
Winter

Description
Feb 7 - Management Lecture - One way to determine “wealth” or “financial standing” is to consider: What possessions do I own? What is the value of my property? How much “stuff” have I got? Balance sheet: Shows the quantity (value) of your material possessions - Balance Sheet is like a snap shot. Shows the possessions of business: “ASSETS” Balance Sheet shows their value. - Balance sheet shows all the things that a business owns - Through the liabilities and equity- shows if its bought by taking out a loan or by selling things - Balance sheet shows what you got, and where you got the money to pay for these things - Current asset- hope to turn into cash in under a year - Current liability- must pay in under a year - Overdraft is a synonym for line of credit - Liquidity- the ease and speed with whi
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