Class Notes Chapters 1 and 2

Class Notes Chapters 1 and 2 - The University of Texas at...

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The University of Texas at Austin McCombs School of Business ACC f310F: Foundations of Accounting, Summer 2011 Class Notes – Chapters 1 and 2 Page 1
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Overview In sports like football, baseball and soccer, you know whether your team is winning or losing a game based on the score. Likewise in business, companies need to know how they are performing. In this section, you'll learn not only how accounting helps measure a company's success or failure, but also the various groups who use accounting information. You decide to start a beverage company to make some extra money. What resources do you need to start the business? Where can you get these resources? What information do you need to help run the business? Source Documents and Transactions Financial Reports Page 2
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Lemonade Tycoon Page 3
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Financial Statements Apple, Inc. Financial Statements Page 5
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Financial Statement Relationships Major Types of Accounting Page 9
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Financial Managerial Tax Page 10
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