ACCT1021 Chapter Notes - Chapter 2: Investment, Deferral, Accounting Equation

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27 Feb 2016
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Primary objective of financial reporting to external users: provide financial information about the reporting entity that is useful to existing and potential investors, lenders, and other creditors in making decisions about providing resources to the entity. Relevant information; faithful representation -> useful accounting info. Creditors: entities that a company owes money to. Accrued expenses payable (for wages, utilities, taxes, and interest on debt) Unearned revenue (for unredeemed gift cards that have been purchased by customers) Notes payable (to banks and other creditors) Liabilities are listed on the balance sheet in order of maturity (how soon an obligation is to be paid) Current liabilities: need to pay or settle within the coming year (with cash, goods, other current assets, or services) Noncurrent liabilities: payables to suppliers, employees, or for taxes. Stockholders" equity (shareholders" equity/ owners" equity): residual interest in the assets of the entity after subtracting liabilities.

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