ACCT 203 Lecture 7: Class note 7
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25 May 2018
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Class note 7
Sole Proprietorship
One owner; not incorporated.
Legally not in the name of the business.
One entity.
Owner of business is liable for all debts
Owner is the business
Partnership
More than one owner; not incorporated.
Same as sole proprietorship
Each partner has the ability to contract with other but all other partners is as
reliable as he/she is.
Corporation
Debts are to the corporation
LLC
Limited Liability Corporation
ASSET
Anything of value
Four Basic Financial Statements
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1. Balance Sheet
2. Income Statement
3. Statement of Changes in Owners' Equity
4. Statement of Cash Flows
What does revenue do to assets?
increases
What does an expense do to assets?
decreases
What are the two types of owners equity?
Retained and Contributed
Income Statement
Covers a PERIOD of time.
Revenue- Expense= Net Income
Balance Sheet
Does not cover a period in time, but rather a MOMENT in time.
Assets= Liabilities + Owners Equity
Statement of Changes in Owners' Equity
Shows what happens during the period of time in Owners' Equity (the break
down)
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