ACC 344 Lecture Notes - Lecture 2: Retained Earnings, Income Tax, Net Income
Current Liabilities
Accounts Payable
Notes Payable
Deferred Revenues
Accrued Liabilities
Current maturities of long term debt
Long term Liabilities
usually are those payable beyond the current year
Shareholder's equity
Paid in capital
Retained Earnings
Auditor's report
attest to the fairness of the statements
Auditor's report
Unqualified
Qualified
Adverse
Disclaimer
Subsequent events
significant development that occurs after a company's fiscal year-end but before the statements are
issued or available (errors and fraud, and illegal acts)
Operating Cycle
1) use cash to acquire inventory
2) Prepare inventory for sale to customers
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