ACCT.1.4.o.clock - ACCT 151 1st 4 o'clock Chapters 1 4 1....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
ACCT 151 1 st 4 o’clock Chapters 1 – 4 1. Relationships between income statement and balance sheet items and how those relationships can be used to solve for unknowns. Income statement: a report of all revenues and expenses pertaining to a specific time period Balance sheet: a financial statement that shows the financial status of a business entity at a particular instant in time 2. Effects of errors on financial statements. Financial statements: a written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also includes a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis. 3. Journal entries for transactions, adjustments and the closing process. Journal entry: an analysis of the effects of a transaction on accounts, usually accompanied by an explanation Transaction: any event that both affect the financial position of an entity and that an accountant can reliably record in money terms Adjustments: end-of-period entries that assign the financial effects of implicit transactions to the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/09/2008 for the course ACCT 151 taught by Professor Largay during the Fall '07 term at Lehigh University .

Page1 / 3

ACCT.1.4.o.clock - ACCT 151 1st 4 o'clock Chapters 1 4 1....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online