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Lecture 3

ACG-2021 Lecture Notes - Lecture 3: Current Liability, Sole Proprietorship, AccountingPremium

2 pages108 viewsSummer 2016

Department
Accounting
Course Code
ACG-2021
Professor
Rivera
Lecture
3

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Lecture 3
Balance Sheet
- a financial statement that reports the assets and claims to those assets at a
specific point in time
Basic accounting equation
- Assets= Liabilities + Equity
Common Stock
- the total amount paid in by stockholders for the shares they purchase
Corporation
- a business organized as a separate legal entity having ownership divided into
transferable shares of stock
Dividends
- payments of cash from a corporation to its stockholders
Expenses
- the cost of assets consumed or services used in the process of generating
revenues
income statement
- a financial statement that presents the revenues and expenses and resulting net
income or net loss of a company for a specific period of time
liabilities
- the debts and obligations of a business.
- Liabilities represent the amounts owed to creditors
net income
- the amount by which revenues exceed expenses
net loss
- the amount by which expenses exceed revenues
partnership
- a business owned by two or more persons associated as partners
retained earnings
- the amount of net income retained in the corporation
retained earnings statement
- a financial statement that summarizes the amounts and causes of changes in
retained earnings for a specific period of time
revenue
- the increase in assets that result from the sale of a product or service in the
normal course of business
sole proprietorship
- a business owned by one person
statement of cash flows
- a financial statement that provides financial information about the cash receipts
and cash payments of a business for a specific period of time
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