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Unformatted text preview: Accounting Notes 20:05 1/10 Course Introduction Read First Chapter Buy book Student ID form for Lab under lessons tab Sign up for Wiley Look into workbook 1/12 Three Primary forms Sole proprietorship Low taxes Owner needs money to get started Owners skills are only skills brought to the table Partnership Variety of skills and resources brought to the table Good idea to have one partner own the majority Not best friend Corporation Corporate veil owner and company can be sued separately Stocks Higher tax rate Assets (things we own) = Liabilities + stockholders equity Stock, Retained earnings (Net income, dividends) Net Income = revenue, expenses 1/19/11 1/24/11 Financial Reporting Concepts TO be useful info should be possessed in the following characteristics Relevance info has the ability to make a difference in a decision scenario Reliability is the info verifiable (free from error and bias), a faithful representation and...
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