2 Accounting Notes

2 Accounting Notes - Accounting Notes 1/16/09 Bring...

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Accounting Notes 1/16/09 Bring Campbell’s financials to class each week Assets o Inventory o Cash o Can be current or non-current Converted to cash within one year or within operating cycle (whichever is longer)? current asset Liquidity o Something liquid can be converted to cash Income Statement o Sales (aka revenue) – expenses = net income o Net income factors into RE (bb) + net income – dividends = RE (eb) o Balance Sheet (assets, liability, and owner’s equity) Owner’s equity includes common stock, RE (eb) o Net revenue (aka sales or ‘top line revenue’) Net revenue and ‘revenue’ also known abroad as ‘turnover’ Campbell’s o Avg is better than a point (indicator?) o Snapshot provides static measures Static measures don’t change over time o Flow measures are measured over time Annual Report (form 10-K) o Notes in this report matter! o In auditor’s report, opinion (‘fairly stated’) in last paragraph Will not opine if something is materially mis-stated (in statement) and may force management to re-issue statmnt o Qualification language indicates o Now have to disclose detailed comp info for top execs GAAP o Generally accepted accounting principles
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This note was uploaded on 12/27/2009 for the course IRPS IRCO 420 taught by Professor Daviddebosky during the Winter '09 term at UCSD.

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2 Accounting Notes - Accounting Notes 1/16/09 Bring...

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