ACIS 2115 Chapter Notes - Chapter 1: Limited Liability Company, Legal Personality, Certified Public Accountant

• School: Virginia Tech
• Department: Accounting and Information Systems
• Course: ACIS 2115
• Professor: Lynn Almond

Document Summary

Shares of stock are easy to sell compared to selling a sole proprietorship or partnership. Individuals can become stockholders by investing relatively small amounts of money. Chapter 1 outline: labor unions want to know if the companies have increased wages and benefits, regulatory agencies, such as the sec and the. Bonds payable: common stock shares they purchase, dividends, the total amount paid in by stockholders for the. Excess cash that the company does not need for a while. Interest revenue: assets with short lives, supplies, inventory. Goods available for future sales to customers: account receivable. The right to receive money in the future. How much the materials cost: net income is when revenues exceed expenses, net loss is when expenses exceed revenues, financial statements, income statement. Salaries of the administrative staff, utility costs. Accounts payable: company"s obligation to pay for the goods that they bought on credit. Interest payable: outstanding amounts owed to the bank.