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Class 8_30 & 31_10 - Solid Footing Ch 1 & 2

Class 8_30 & 31_10 - Solid Footing Ch 1 & 2...

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Page 1 Syllabus questions? Solid Footing – Chapters 1 and 2 Agenda
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Page 2 Before we get started with the details – lets take a look at what we’re trying to accomplish Financial accounting involves reporting outside the company: Must comply with GAAP and other regulatory agencies (SEC) Concerned with completion of the four basic financial statements: Balance Sheet Income Statement Statement of Retained Earnings Statement of Cash Flows Concerned with most appropriate manner to report transactions and disclosures - What is the Financial Statement impact? (“How will / should this look on the income statement and balance sheet?”) Where are we going?
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Page 3 Balance Sheet
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Unformatted text preview: Report financial position at a particular point in time (at the end of month, quarter, year) Comprised of assets (“stuff”, economic resources) and liabilities & equities (“claims to stuff”, sources of financing) Basic Accounting Equation: Assets = Liabilities + Equity Income Statement Report financial performance during a particular period of time (for the month, quarter, year) Comprised of revenues and expenses We’ll focus on those to start off with How do we build these statements? Start with the proper reporting of transactions Double-entry accounting system Financial Statements – Starting Off...
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