Lecture21 - Lecture 21 Course Review Today What is a...

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Lecture 21 Course Review
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2 Today • What is a balance sheet? • What is an income statement? • What is a statement of cash flows? • What is a statement of shareholders’ Equity? • Goals of Financial Reporting • Goals of Users of Financial Reports • Preview of ACCT 102 • Expectations for the final exam
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3 What is a Balance Sheet? • Shows a company’s position of health for a specific date in time (the last day of the fiscal quarter or year) – Assets are things that generate economic benefits to the company currently and in the future – Liabilities are claims against the company’s assets currently and in the future – Stockholders’ Equity reflect the owners’ claims on the assets after other claims (liabilities) have been settled • Assets = Liabilities + Stockholders’ Equity
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4 Balance Sheet • We’ve discussed many types of assets: – Current Assets: cash, short-term investments, accounts receivable, inventory • We’ve discussed many types of assets: – Current Liabilities: accounts payable, interest payable, current portion of long-term debt – Non-Current Liabilities: long-term debt, capital leases • We’ve discussed many types of S.E.: – Contributed Capital (common stock, preferred, treasury stock (contra)), Retained Earnings, Other Accumulated Comprehensive Income (FX translation, unrealized gains and losses on available-for-sale securities)
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5 • Shows the outcome of a company’s revenue-generating activities, matched with the expenses incurred from those activities, over a fiscal period such as a quarter or year – Accrual accounting used instead of cash basis to better reflect the economics of the transactions What is an Income Statement?
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This note was uploaded on 06/28/2009 for the course ACCT 101 taught by Professor Armstrong during the Summer '09 term at UPenn.

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Lecture21 - Lecture 21 Course Review Today What is a...

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