accounting 215

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  1. lets get this over with
  2. focus on the logic
    fuck me
  3. to print out the lecture slides and write them out
  4. go to the canvas website and sign up for connect there is a url that I need
  5. supplemental problems
    there problems have no effect on my homework grade
  6. see takes our best score from connect
  7. chapters 1 through 4 are the most important

    it is learning the language

    must learn journal entries
  8. august 10th there will be no class
  9. how to use the text

    tests will only be from lecture and quiz section
  10. use the book as a reference
  11. currently the financial accounting standards board writes the accounting rules
    these are known as GAAP generally accepted accounting principals

    this is only US
  12. IFRS
    international financial reporting standards
  13. what are the four basic financial statements?
    balance sheet

    • income statement
    • statement of stock holder's equity
    • statement of cash flows
  14. assets
    lands buildings cash inventory
  15. cash inflow
    selling stock

    issue dept borrow money

    generate your own money by operation
  16. a bank would look at all three
    when considering for a loan
  17. assets = liabilities + stockholder's equity
  18. on any balance sheet the first asset will always be cash
  19. current assets are things that are expected to be transferred into cash within 12 months
  20. land property and equipment are in the other assets category
  21. stock holder's equity is
  22. account payable is money that you have received but not payed for yet shoes of some other brand that you have not paid for yet
  23. balance sheet is a snapshot

    the income statement is over a years time
  24. income statements

    revenues - expenses= net income
  25. under armor can report the money from the sock even if Nordstrom has not sold the items and paid them

    this is accounts recieable for nord and liability for under armor
  26. selling general and administratice expensesiencludes marketing and advertising
  27. statement of stockholders equity is over a year
  28. a dividend is the way to pay stockholders
    if it is not paid to stock holders it is reinvested into the company as retained earnings
  29. r/e is retained earnings
    beginning R/E + Net income - dividends = ending R/E
  30. the statement of stockholders equity is continuant from year to year
  31. statement of cash flow (this is the most difficult)
    there are three sections operating investing and financing
  32. investing activities could be a company investing in another company or land/equipment
  33. financing activities are money received from stock and financing
  34. how the statements fit together
    balance sheet from end of last year all statements equal the new years balance sheet
  35. notes to the financial statements
    this is for unpredictable expenses, such as accidents, lawsuits
Card Set
accounting 215
intro to accounting
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