ACC 100 Lecture Notes - Income Statement, Current Liability, Financial Statement

28 views3 pages

Document Summary

Learning objectives: objectives of financial reporting, classified balance sheet. Income statement: statement of retained earnings, statement of cash flows. Objectives of financial reporting: provide information for decision making, assess cash flows to company, assess investor/creditor cash receipts, reflect resources and claims to them, assets=liabilities+oe. Because grouping show items have similar economic characteristics- provides. Current assets+noncurrent (long term) assets= total assets: ex buildings equiptment. Current liabilities +noncurrent (longterm) liabilities +shareholder"s equity= total liabilities and shareholder"s equity shareholders equity=stocks and retained earnings. Current assets: assets expected to be coverted to cash or sold/used up/consumed in the business within the year of the balance sheet date. Listed in order of liquidity(how fast that happens: ex. Current liabilities are obligations that are to be paid within the coming year from current assets or by creating new current liabilities. Prepaid expenses are not expenses, they are asset accounts don"t be fooled!

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions