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ACC 200 Week 1 Notes

by: Dallin Childs

ACC 200 Week 1 Notes ACC 200

Dallin Childs
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About this Document

These notes cover an introduction to the course and include a basic introduction to balance sheets, income statements, and real world situations, including break even analysis on whether to start a...
Principles of Accounting
Melissa Larson
Class Notes
Accounting, byu, business, Income, Revenue, balance sheet
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This 3 page Class Notes was uploaded by Dallin Childs on Wednesday January 6, 2016. The Class Notes belongs to ACC 200 at Brigham Young University taught by Melissa Larson in Summer 2015. Since its upload, it has received 521 views. For similar materials see Principles of Accounting in Accounting at Brigham Young University.


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Date Created: 01/06/16
ACC 200 – Professor Melissa Larson Syllabus Day 1/4/2016 Professor Larson owns a bicycle shop, and she used it as an example for the following questions: What do I need to do to start this business?  Capital – any form of money.  Inventory – bikes in this example  Rent or buy space  Employees  Register  License  Customers would be nice, but aren’t necessary Ways to obtain capital for a business  Personal savings  Family and friends  Door to door in LDS ward  Debt financing – this could be for example a loan from a bank. You get money in exchange for debt to someone, with interest accrued.  Equity financing – Money from an angel investor or a venture capitalist. You get money in exchange for ownership in the company. This means they can make decisions in the company.  “Going Public” – a company can go public and offer stocks, or a very small portion of ownership in the company on the stock market in exchange for money. What will strangers want to know?  balance sheet - list of obligations and resources  How much money will the business make? Income statement or profit and loss statement  At this point, this is considered a business plan because I am just trying to start the business.  Walmart Exercise o Which product is making the most money? o How does Walmart compare to other stores o Which area of the country is doing best o What time of year and day are making the most money? o Which department does best? Types of accounting:  Financial accounting o Creating the balance statement, income statement, and statement of cash flow, increasing money for businesses. For external users. o Management accounting - internal and what do managers want to know about what is going on? o Tax accounting. How is financial Accounting Data used?  Credit analysis  Loan covenants  Regulatory uses  Valuation Managerial accounting:  Product costs  Breakeven analysis  Budgeting  Performance evaluation  Outsource production Incorrect ACC 200 Stereotypes:  Do you have to be good at math or spreadsheets? No, the only math you have to do is add, subtract, multiply, and divide with a calculator. It is more about organizing data.  Is this a tax class? We have one day on income taxes. No, you can't help your brother-in-law with his income tax report.  Online class? Hybrid. We will learn the mechanics on the software and the consequences and the why in class. How does this class work?  Attendance o Required In-Class Days o Software Days - required but on your own o Optional days  Quizzes - 4 types o Syllabus Quiz o In-Class iClicker quizzes - participation (drop 2) o Post-Class Quizzes (drop 2) o Software Quizzes How Can You Get Help?  Accounting lab o HBLL Main Level o The No Shhh! Zone o Southeast corner  What happens there? o Extra teaching sessions for the software lessons o Review of the in Class activities and solutions o One-on-one help … for free! Professor Larson’s Advice for Success:  Marry well  Have a plan o Look ahead for the week o Prioritize and allocate your time wisely o Head down, get to work - no distractions o Find a group to study with o Use the lab o You can't cram for accounting. In-Class Day 2 – 1/6/2016 Using Accounting Information to Make Decisions Agenda:  What do I need in order to duplicate Wal-Mart?  Is Wal-Mart making any money?  Should I open a Chilean restaurant in Provo? Duplicating Wal-Mart 1. What do I need? a. Inventory and Equipment i. Inventory - anything that you want to sell ii. Property & Equipment - other things that you own, keep and use to run the business. b. Prepaid expense - an expense I will pay in advance for, for example, insurance. The idea is that if you were to cancel it, they would give you the cash back. i. Prepaid expense is on the balance sheet, all other expenses will be on the income statement as an asset. c. Accounts Payable - Used to pay for inventory. This happens when a supplier lends a business the products under the conditions you will pay for them when you sell them. The supplier holds the products as collateral. The goal is to sell the product and make a profit with the expense of actually purchasing the goods to be sold. This is usually interest-free for the 6 months, then interest payments after that. This is a way to finance your inventory. 2. Where will I get the money? (balance sheet) a. Retained Earnings - earnings kept inside the company to use at a later date for growth or purchasing more inventory, etc. i. Retained Earnings are not cash. It is an accumulation of all the money the company has ever made from the beginning of time. 3. How much money can I expect to make (income statement)? Dividends are not expenses! They are optional, the board elects to pay them out, not on the income statement. THE ACCOUNTING EQUATION Assets = Liabilities + Owners’ Equity Assets -- Resources Liabilities -- Outsiders (debt financing) Owners' Equity -- Capital contribution or stock OR Retained Earnings (Equity Financing) INCOME STATEMENT Revenues - Expenses = Income Fixed Costs - same costs, no matter what. Rent, salary, insurance, etc. Variable costs - only applicable if I sell something. Product costs, etc. Depend on the amount sold. For Next Class:  Take the Post-Class Quiz 2 on Learning Suite (due 1/7/2016 by 11 pm.)  Monday, January 11 is a software day  Take software quiz 3 by Tuesday, January 12.  Class on Wednesday.


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