Lec8_2008 - Review + Inventories + Introduction to Long...

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Review + Inventories + Introduction to Long Term Assets March 24, 2008
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Review
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Simple Schematic of the Firm Raises Capital Invests Capital Earns Return Reinvests Pays Dividend Observations: Throughout history this is what a firm has done. So accounting no matter what age is dealing with this notion of a business. Accounting is intimately connected with a firm. Accounting can change when there are new types of capital and new technologies but the conception of the firm will be treated the same throughout the course.
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Financial Statements Raises Capital Invests Capital Earns Return Reinvests Pays Dividend Balance Sheet - list of firm’s investments and how they are financed at a point in time Income Statement - how the firm generated earnings over a period of time Statement of Cash Flows - the sources and uses of cash over a period of time
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Truisms Assets = Liabilities + Owners Equity Expand to deal with the problem at hand. Beginning balance + additions - subtractions =
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This note was uploaded on 09/18/2008 for the course ACCT 2050 taught by Professor Sanjay during the Spring '08 term at Minnesota.

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Lec8_2008 - Review + Inventories + Introduction to Long...

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