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Accounting Notes- Day 2

Accounting Notes- Day 2 - 3 Ending balance is needed for...

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ACCOUNTING 2000 8/26 Fundamental Accounting Equation : Assets=Liabilities + Stockholder’s Equity 4 Financial Statements prepared by Companies: 1. Balance Sheet (Reports the Accounting Equation) 2. Income Statement (Revenues and Expenses) 3. Retained Earnings Statement 4. Statement of Cash Flow Income Statements 1. Reports revenues and expenses for a specific period of time 2. Net income and net loss 3. Past net income provides information for predicting future net income 4. Net income is needed to determine the ending balance on the Retained Earnings Statement Balance Sheet 1. The left side of the equation equals the right side of the equation 2. Unearned service revenue (ex: pay for LSU football tickets before the actual games, but you are guaranteed a seat by paying for them in advance)
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Unformatted text preview: 3. Ending balance is needed for the retained earnings statement Clicker Question: A net loss will result during a time period when… Expenses exceed Revenues Clicker Question: which financial statement is prepared as of a single date? Balance Sheet US Companies that are publicly traded must provide shareholders with an annual report which includes: 1. Management’s Reports 2. Notes to the financial statements 3. Auditor’s Report Clicker Question: Which of the following parts of an annual report would give management views on the company’s financial position? Management Discussion and Analysis *ALL THE SLIDES FROM CLASS ARE ON MOODLE...
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