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Accounting Notes- Day 3

Accounting Notes- Day 3 - A C C OUNTING2000 C...

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ACCOUNTING 2000 8/29/11 Correct Order of forms: 1. Income Statement 2. Retained Earnings 3. Balance Sheet 4. Statement of Cash Flow CHAPTER 2 Balance Sheet- at a point in time, list your assets and liabilities/stockholder’s equity Assets include: 1. Current assets 2. Long-term investments 3. Property, plant, equipment 4. Intangible assets Liabilities and Stockholder’s Equity include: 1. Current liabilities 2. Long-term liabilities 3. Stockholder’s equity Current Assets 1. Within a year or operating cycle (whichever is longer) 2. Expect to convert to cash or use in a year 3. Examples: a. Cash b. Short-term investments (close to cash, easy to convert…like a money market account) c. Accounts receivable (sell something on account) d. Inventories (what you sell) e. Prepaid expenses and other current assets *you want to list assets in order they expect to convert into cash (aka liquidity) Long-Term Investments
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