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Class _2-Types of Asset Trans & FS Summary_1

Class _2-Types of Asset Trans & FS Summary_1 -...

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Types of Asset Transactions Effect on Accounting Equation? Definition/Examples Assets Increase Claims Increase Assets Increase Assets Decrease (Total Assets Unaffected) Assets Decrease Claims Decrease Type of Asset  Transaction Asset Source  Transactions Investments from Owners,  Borrowings from Creditors, and  Operations (revenue generated) Asset Exchange  Transactions Trade One Asset for Another  (purchase of inventory, equipment,  land, etc.) Asset Use  Transactions Transfer to Owners, Pay Creditors  or Other Liabilities, Operations (pay  expenses, etc.)
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Financial Statements Income Statement Revenues  - Expenses = Net Income/Loss Measures a Span of Time: "For the Year Ended…" Statement Of Stockholders' Equity Beginning balances at inception = 0 Measures a Span of Time: "For the Year Ended…" Balance Sheet Named after the Accounting Equation Statement of Cash Flows
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