Acg 5026 fsu fennema - Study guides, Class notes & Summaries

ACG 5026 FSU Fennema questions and answers

Balance Sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date/at a point in time. Lists the company's investments and sources of financing using the accounting equation § Assets=liabilities+equity § Statement of financial position Statement of Cash Flows A financial statement that provides financial information about the cash receipts and cash payments of a business for a specific period of time. § Operating cash flows differ from net income ...

ACG 5026 FSU Fennema (1).

ACG 5026 FSU Fennema

Tangible Assets -Have physical substance -Usually include land, buildings, machinery, fixtures and equipment Intangible Assets -Have no physical substance -Provide the owner with specific rights and privileges -Include trademarks, patents, copyrights Three common depreciation methods -Straight-line method - Equal expense each year -Double-declining-balance method - An accelerated method (more expense in early years) -Units-of-production method - Based on activity instead of time How to accoun...