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ACCOUNTING: The Language of Business
Lecture 5 (review Ch. 1 & 3)
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ACCOUNTING INFORMATION USERS
External Lenders of Money; Suppliers of Goods; Shareholders; Governement Internal Board of Directors; Department Managers;
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The Three Major Financial Statements
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Annual Report Financial Statements;
Statement of management’s responsibility for preparation of the financial statements; Discussion and analysis by management of recent economic events; Footnotes that explain in more detail many elements of the financial statements; Independent auditor's report; Other corporate information;
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The Balance Sheet Equation
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The Organizational Context of Accounting
Sole Proprietorship Capital Owner’s Name Partnership Capital, Partner’s Name; Capital, Partner’s Name: Corportion Stockholders’ Equity Common Stock Additional Paid-in Capital
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Opportunities for Accountants
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The Recording Process (1)
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The Recording Process (2)
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Posting (1)
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Posting (2)
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Retained Earnings
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