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Lecture 1

ACCTG 202 Lecture 1: class ch. 1 notes

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Thursday, June 22, 2017 Chapter 1 Class Notes Subject - Assets have value to it (what you buy): items we own - liabilities is how you acquired it, the mortgage or debt - equity is the ownership of the asset - Assets: Current, long term, fixed, intangible - current assets: cash, ops its, air, supplies, p/passep- converted into cash within 1 year - accounting cycle: how long is it gonna take me to make, sell, and earn revenue for a product - every accounting cycle is different - opposite of current is long term assets: that we are not going to convert to cash - long term: investment, renting a building - fixed assets: property, plants, equipment, automobile, machinery- to operate businesses - trademarks: M in mcdonalds - intangible asset: assets we cant take with us but they are worth a lot of money - an example of intangible asset is a trademark, copyrights, - liabilities: items we owe - two different types of liabilities: current and longterm - current liabilities; has to be paid back within a year or an accounting cycle - current liabilities: utilities, wages payable, salaries payable, taxes, sales tax, accounts payable, fica taxes, materials, shipping - long term: mortgage, automobile, bonds payable, - accounts receivable: asset, current asset, somebody promi
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