Financial class 01

Financial class 01 - Chapter 1: Reporting About Resources...

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Chapter 1: Reporting About Resources Goals and Resources Goal defined: A goal is something you try to achieve. "The perfect search engine," says Google co-founder Larry Page, "would understand exactly what you mean and give back exactly what you want." … Google is committed to blazing that trail. …Google's goal is to provide a much higher level of service to all those who seek information, whether they're at a desk in Boston, driving through Bonn, or strolling in Bangkok.
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Why are resources important?
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People and companies need resources in order to achieve their goals.
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Identify the three primary sources of resources for companies. 1. borrowing
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2. owners' investments
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3. management activities Modern financial reporting evolved from owners’, lenders’, managers’, and others’ interests in companies. Identify the four major items about which information was needed.
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1. resources,
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2. where the resources came from (the sources of the resources),
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3. what management did with the company's resources, and 4. what the company did with any resources generated by management.
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Resources and Financial Reporting (the following section is not in your lecture notes) The total dollar amount of = The total dollar amount of resources obtained from its
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a company's resources sources of resources Resources = Sources of Resources Total Resources = Sources of Borrowed
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This note was uploaded on 10/09/2011 for the course ACCT 60.201 taught by Professor Monty during the Spring '11 term at UMass Lowell.

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Financial class 01 - Chapter 1: Reporting About Resources...

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