UGBA 10 Lecture Notes - Lecture 8: Financial Accounting, Reserve Requirement, Scantron Corporation

• School: Berkeley
• Department: Business Administration Undergraduate Program
• Course: UGBA 10
• Professor: John Briginshaw

Document Summary

(look at book) gdp is total value of all goods and services produced in the us. Measure of aggregate output (look up def) Gnp - includes factors of any location that results in us owned factors of production. Profit = unit cm x units - fixed costs. Unit cm = price - unit variable costs. A comprehensive system for collecting, analyzing, and communicating financial information. Two broad systems operate in a company. Balance sheet: assets = liabilities + stockholders equity (two types of claims) Liabilities is the fixed amount of money that is taken out. Revenue is recorded when goods are delivered to the customer or otherwise when customer owns" the goods. May not be when the customer pays for the goods. Customer may pay after - credit sales. Accounting costs ( expenses") are counted at the same time the goods as sold, and counted at purchase price.