CIS 101 Lecture Notes - Lecture 1: Accounts Payable, Retained Earnings, Balance Sheet

• School: Quinnipiac University
• Department: Computer Information Systems
• Course: CIS 101
• Professor: Bruce Saulnier

Document Summary

Assets is something that is going to give you some future economic bene t. Liabilities is an economic obligation to someone else, such as what you owe someone: Current is within a year (debt, accounts payable, etc) Equity is anything that you put towards your payment plus your initial investment. Shareholder equity: retained earnings, stock, common stock/share, shareholder capital. Variable cost- how much it costs to make. Fixed cost- to run the factory, regardless of production. Gross pro t - expenses = net pro t or net loss depending is revenue is more than gross. Return on assets- % of the pro t because of assets. Statement of cash ows - summary of cash coming into and going out of rm. Pre-tax income- what the owners get before paying government. pro t before taxes. Net income- bottom line on the income statement. Income statement is also referred to p&l statement.