Chapter 1 - Announcements Check Spark often for updates!...

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Announcements Check Spark often for updates!! Labs next week will cover the HW  assigned from today.  Your TA will collect  all HW, it’s 5% of your grade.  Start using PRS Tuesday-practice.  Can  only opt out of using on Thursday, you opt  out by not getting a PRS and  registering  in OWL.
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Announcements The book is on reserve in the library  (Friday) and TA office hours posted this  weekend. There will be random quizzes as well  given out one week in a lab and due in lab  the following week.  If you do not attend  lab, you do not get the quiz. If you need a temp. lab switch (not  permanent) you can see Kaite before or  after class to arrange (do so a week in  advance if possible and NOT via email!!
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Announcements Tests- If you have a conflict with another  class or test, I offer make-ups on Friday (the  day after the exam) and you must sign up in  class the week before the test.  Failure to do  so, will cause you to lose the ability for a  make-up. See syllabus.  You must bring  documentation. OWL- see syllabus, you can only log in  through SPARK, not through OWL!  All  OWLS through the first test are up.  Quizzes  are only up 3 days before they are due.  
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The Role of Accounting It provides useful information about how  a company is performing and shows  how a company should allocate their  resources or assets.
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1-5 Who Governs Accounting? Accountants (the FASB Board) establish  measurement and reporting rules that  businesses use to facilitate communication. Generally Accepted  Accounting Principles The Securities and  Exchange Comm.  Oversee the FASB!
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1-6 How do you start a business? What financial resources (money) do you need to  establish and operate your business? Investors Creditors
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1-7 Elements of Financial  Statements The elements  represent  broad  categories. 1. Assets 2. Liabilities 3. Equity (Retained Earnings) 4. Contributed Capital (Common Stock) 5. Revenue 6. Expenses 7. Distributions 8. Net Income 9. Gains 10. Losses We will discuss  elements 1-8 in this  chapter.  We will save  elements 9 and 10 for a  later chapter.
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1-8 Elements of Financial  Statements - See E1-5 1. Assets —Cash, Equipment, Buildings, Land 2. Liabilities 3. Equity 4. Contributed Capital 5. Revenue 6. Expenses 7. Distributions 8. Net Income
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This note was uploaded on 03/12/2012 for the course ACCT 221 taught by Professor Catherinewest during the Spring '06 term at UMass (Amherst).

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Chapter 1 - Announcements Check Spark often for updates!...

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