Accounting Basic Concepts and Financial Statement Notes.pdf

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Department
Accounting
Course
ACCT 1201
Professor
Ganesh Krishnamoorthy
Semester
Spring

Description
AccountingChapter 1 Notes Balance Sheet is a snapshot a specific point in time not the end of a period Entity ConceptBusiness completely separate from its stakeholders Assets placed in order of liquidity Liabilities placed in order of due date Inventoriesmerchandise intended for sale Accounts Payablemoney owed to others typically suppliers for goods or services rendered not for money borrowed Notes Payableshort within 1 yearlongterm payable after 1 year for money borrowed includes interest common stockfrom stockholders retained earningsmoney invested back in the businesses from profit that was not payed through dividends to stockholders current assetswithin 1 year net income numbers belong to stockholdersin
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