Ch 1 Notes - Financial Accounting Ch. 1 Notes NotesOn1/17

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Financial Accounting Ch. 1 Notes Notes On 1/17 Things To Know For This Class… Homework Assignments are always due on Fridays, we will usually  have them due every Friday unless we have a test. We should read Chapter 1 for class on Friday Jan. 19 th , 2007. Always bring the Exxon Mobil Corp. Financial Statement to class. - What is Accounting? Accounting is when one provides information to make decisions. - Financial Statements: There are four basic Financial Statements: o Balance Sheet o Income Statement o Statement Of Cash Flows o Statement Of Changes In Equity - Basic Accounting Equation Assets = Liabilities + Equity Assets  What You Own Liabilities  What You Owe Equity  Owners Part Of Company Ex)   Assets = Liabilities + Equity        100,000 = 20,000 + 80,000
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Financial Accounting Ch. 1 Notes
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Ch 1 Notes - Financial Accounting Ch. 1 Notes NotesOn1/17

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