Accounts week 1 essay

Accounts week 1 essay - WEEK 1 - ASSIGNMENT CHINA I...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
WEEK 1 - ASSIGNMENT CHINA I Submitted to Professor: Patricia M. Casey In Partial fulfillment of the requirements of ACC 501 Accounting Fundamentals Summer Semester 2007 National University San Diego, CA
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
WEEK 1 - ASSIGNMENT 1. Accounts a. The common stock amount is shown in the Owner’s Equity section of the balance sheet and represents the number of shares that have been issued to stockholders, and the number of shares that are held by the stockholders. The account balance represents the total amount invested by the investors. b. The equipment is shown in the asset section of the balance sheet, under a non-current asset category such as Property, plant and equipment. Since it is a long lived asset, equipment is normally considered a “fixed asset”. The account balance represents the cost of the equipment. c. Accounts receivable is shown in the asset section of the balance sheet and represents the amount due from customers who have purchased merchandise on credit and who have agreed
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Accounts week 1 essay - WEEK 1 - ASSIGNMENT CHINA I...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online