Accounting+II%2C+Financial+Statements

Accounting+II%2C+Financial+Statements - Accounting...

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Accounting Financial Statements
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Accounting Balance Sheets Income Statements Cash Flow Budgets Analyzing Financial Statements
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Accounting Balance Sheets Balance sheets supply detailed information  about the accounting equation They show the firm’s financial position, and  its assets, liabilities and owner’s equity at a  particular time
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Accounting Balance Sheets Assets Current assets Fixed assets Intangible assets
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Accounting Balance Sheets Assets – Current or Liquid Assets Assets that can be converted into cash in one  year Cash Marketable securities Accounts receivable Inventory of finished goods Prepaid expenses
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Accounting Balance Sheets Assets – Fixed Assets These have long-term use for more than one  year Land Buildings Equipment
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Accounting Balance Sheets Assets – Fixed Assets These assets wear out So the value must be depreciated or decreased  each year You may reduce the value by a percentage  each year, or just divide the value by the useful  life and take off that amount each year
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Accounting Balance Sheets Assets – Intangible Assets
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This note was uploaded on 05/22/2010 for the course MGT MGTA04 taught by Professor Bovaid during the Spring '10 term at University of Toronto.

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Accounting+II%2C+Financial+Statements - Accounting...

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