8-24-11

8-24-11 - Liabilities: Creditors' Claims Owners' Equity:...

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Business 101- Accounting Monday, January 10, 2011 12:28 PM Father of Accounting: Luca Pacioli (1494) Financial Accounting: External Financial Statements, for investors/people outside the company Managerial: Internal Not as regulated; for personal, company use Forms of Business: Proprietorship: Unlimited Liability, Personal Taxes Partnership: Same as above except more than 1 person together Limited Partnership: Includes "gentle" partners with limited liability "S" Corporation: <100 stock holders, individual stock holders pay taxes LLC: Combination of several elements "C" Corporation: Contributed Capital Retained Earnings: Accumulated Net Income in excess of dividends Balance Sheet: Snapshot of a company on a particular date Assets = Liabilities + Owner's Equity Assets = Economic Resources
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Unformatted text preview: Liabilities: Creditors' Claims Owners' Equity: Owners' Claims *These things are considered 'real' or 'permanent'* Income Statement: Net Income = Revenues - Expenses Revenues: An increase in net assets from providing goods and/or services Expenses: A decrease in net assets from providing goods and/or services Net Asset: Total Assets - Total Liabilities *Normal or temporary* Statement of Cash Flows: Changes in cash Operating: Relating to Income Statement Investing: Long term Assets Financing: Long term Liabilities and Owners' Equity Statement of Owners' Equity: derived from the other statements Accounting is the backbone of any business major in college. Certificates of Accountants: CPA,CMA, CIA, CFE...
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8-24-11 - Liabilities: Creditors' Claims Owners' Equity:...

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