Your goals for this receivables chapter are to learn about:
The costs and benefits of selling on credit.
Accounting considerations for uncollectible receivables.
Alternative approaches to account fo
Your goals for this income measurement chapter are to learn about:
Measurement triggering transactions and events.
The periodicity assumption and its accounting implications.
Basic elements of revenu
For the year ended December 31, 2007
Total current assets
Property, plant, and equipment
Less: Accumulated depreciation-buil
Chapter 1 Introduction to Financial Statements
I. Primary Forms of Business Organization
A. Sole proprietorship - a business owned by 1 person
Simple to establish
Proprietor personally liable
ROBERT MORRIS COLLEGE
ACC 111 FINANCIAL ACCOUNTING II
This course will study the fundamental principles and procedures of accounting, including
summarizing business activities, proces
Company received $15000 cash for issuing common stock
Used $4000 on credit and $1000 cash to purchase office equipment
Used $750 cash to purchase supplies
Received $4400 cash and $34
Chapter 2 A Further Look at Financial Statements
I. The Basic Objective of Financial Reporting and Generally Accepted
A. What is the basic objective of financial reporting?
Financial information is presented in a companys: