BUSI 101 Lecture Notes - Lecture 5: Financial Accounting, Accounts Receivable, Pricewaterhousecoopers

• School: UNC
• Department: Business Administration
• Course: BUSI 101
• Professor: Charles Skender

Document Summary

Return for the year: (eoy-boy price) +annaual dividends/(boy prices) Occur in two ways- increase in assets or decrease in liabilities. Real or permanent accounts: assets- economic resources, liabilities=creditors" claims, oe=owners claims. All of the rules for how accounting should be. Formulate by the fasb: sec has the congressional power in the rules so if there was a dispute between the fasb and the sec, then the sec"s idea would take over, www. sec. gov. On 04/01, an investor purchase shares . 00 per share. On 10/01 an investor purchases shares at per share. Revenues= inflows/increases in net assets from providing goods and services. Expenses; outflow/decreases in net assets from providing good and services. On that date assets were equal to 70 and liabilities were equal to 22. Owners made additional investments 15 during the year. Dividends declared and paid during the year were equal to 9. On 12/31/a assets were equal to 200 and liabilities were equal to 47.