Textbook Notes (369,067)
Canada (162,366)
Accounting (533)
ACC 100 (214)
Else Grech (70)
Chapter 2

Ch. 2

1 Page

Course Code
ACC 100
Else Grech

This preview shows half of the first page. Sign up to view the full page of the document.
ACC 100: Chapter 2 Notes BALANCE SHEET: Snapshot of comp▯anyfinancial position at a point in time (A = L + SHE). To improve information for external users need to GROUP similar assets and liabi lities together. WHY? Because groupings show items have similar economic char▯ acteristics s MORE and BETTER information 3 Characteristics of Assets: Owned by the company Physical good or legal right Has future economic benefit for the company 3 Characteristics of Liabilities: Owed to outside parties Due at a futu
More Less
Unlock Document

Only half of the first page are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.