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  3. The University Of Bradford (UoB)
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  5. The University Of Bradford
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  7. Introduction to Accounting

Lecture notes

1 lecture worth of accounting notes created in 1st year of university
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This document contains the 1st notes I created for accounting during my 1st year. They contain all sorts of definitions and examples which will definitely benefit you if you are pursuing business or accounting related degrees. Please note: these notes are from the 2nd semester. They will give you...

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  • September 19, 2021
  • 4
  • 2020/2021
  • Lecture notes
  • Hassan elgendi
  • One class

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Equations – red
Definition – Gold
Important but not a definition - orange
Accounting module – week 12

Main types of business – Sole proprietor, Unlimited Liability

Partnership,
Company with limited liability:
(Plc – Large, quoted on stock exchange) E.g., Tesco, HSBC Limited Liability

(Ltd – smaller, privately owned) E.g., Wilko, Clarks


Owner's equity is essentially the owner's rights to the assets of the business.
It's what's left over for the owner after you've subtracted all the liabilities
from the assets.


If you look at your company's balance sheet, it follows a basic accounting
equation:
Assets – Liabilities = Owner's Equity


Accounting – is an information system that provides information to decision
makers.


Income statement: calculates the profit or loss of a company.
(Investor and bank etc. would look at income statement to see profit or loss of
a company).


Financial position: how much money the company has (assets) and how much
it owes (liabilities). Balance sheet.

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