Class notes
Class notes Financial Accounting (BACC152)
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Learn about income statements, balance sheets, and cashflow statements. See what falls under assets, liabilities, and owner's equity in depth.
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Financial AccountingIncome statement
- During a particular period
- Operating success (measures performance)
- Profit and loss statement
- Revenue-expenses=profit
Balance sheet
- given/specific point of time
- Financial “health” if a business/organization
- Picture-taking a snapshot of the health of organization
- Assets = liabilities+owners equity
Statement of cash flows
- cash inflows and cash outflows
- Identifies major cash flows during an accounting period
- Operating, investing, and financial activities
Stage my of retained earnings
- prepared by corporation
- Shows the amount of money distributed to its owners and the amount withheld for future
growth
Asset
Cash in
Inventory
Recievable
prepaid expenses
Equipment
Liabilities
Accounts payable
Notes payable
Deferred revenue
Equity
Owner contributions+owner withdrawals-
Income statements
Revenue-expenses= profit
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