Class Notes (836,321)
United States (324,456)
Accounting (21)
ACC 131 (21)
Thomas (1)
Lecture

Accounting 131 Notes.docx

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Department
Accounting
Course
ACC 131
Professor
Thomas
Semester
Fall

Description
Accounting 131 Notes81914Accounting Definition info system within a businessoHelps gather business transactionoProcessIdentifyMeasureRecordSummarizeoProduce financial statementLiquidity the ability to pay debt when dueCash to run the businessCash to handle unexpected situationsCash for new opportunitiesreturninvestmentoProfitability the ability to earn an adequateon our Investment is upfrontReturn is laterAdequate involve effort and riskoIncome statement ISRevenueExpense to produce revenueNet income NI net loss NLExample revenue 3 Expense2 NI
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