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accounting 215
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lets get this over with
focus on the logic
fuck me
to print out the lecture slides and write them out
go to the canvas website and sign up for connect there is a url that I need
supplemental problems
there problems have no effect on my homework grade
see takes our best score from connect
chapters 1 through 4 are the most important
it is learning the language
must learn journal entries
august 10th there will be no class
how to use the text
tests will only be from lecture and quiz section
use the book as a reference
currently the financial accounting standards board writes the accounting rules
these are known as GAAP generally accepted accounting principals
this is only US
IFRS
international financial reporting standards
what are the four basic financial statements?
balance sheet
income statement
statement of stock holder's equity
statement of cash flows
assets
lands buildings cash inventory
cash inflow
selling stock
issue dept borrow money
generate your own money by operation
a bank would look at all three
when considering for a loan
assets = liabilities + stockholder's equity
on any balance sheet the first asset will always be cash
current assets are things that are expected to be transferred into cash within 12 months
land property and equipment are in the other assets category
stock holder's equity is
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
balance sheet is a snapshot
the income statement is over a years time
income statements
revenues - expenses= net income
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
selling general and administratice expensesiencludes marketing and advertising
statement of stockholders equity is over a year
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
r/e is retained earnings
beginning R/E + Net income - dividends = ending R/E
the statement of stockholders equity is continuant from year to year
statement of cash flow (this is the most difficult)
there are three sections operating investing and financing
investing activities could be a company investing in another company or land/equipment
financing activities are money received from stock and financing
how the statements fit together
balance sheet from end of last year all statements equal the new years balance sheet
notes to the financial statements
this is for unpredictable expenses, such as accidents, lawsuits
Author
allTHNGSabsolut
ID
304312
Card Set
accounting 215
Description
intro to accounting
Updated
2015-06-23T17:40:26Z
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