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ACCT 210 Week 1 Notes

by: Megan Spees

ACCT 210 Week 1 Notes ACCT 210-01

Megan Spees
GPA 3.54
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Hi guys! These notes go over the material discussed in the first week. There will be a detailed chapter summary of chapter 1 to follow. It will help you guide your reading with a color coded key ...
Financial Accounting
John Waters
Class Notes
financial accounting




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This 2 page Class Notes was uploaded by Megan Spees on Wednesday January 20, 2016. The Class Notes belongs to ACCT 210-01 at University of Indianapolis taught by John Waters in Winter 2016. Since its upload, it has received 20 views. For similar materials see Financial Accounting in Business at University of Indianapolis.

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Date Created: 01/20/16
Tuesday, January 19, 2016 Financial Accounting 210 Notes; Week 1 Questions to answer with accounting - What do we own? How is it valued • • How long will it last • What will happen to it - What do we owe • When is it due • Who do we owe it to and why • How is it measured - What did we earn? • How much • When - What did it cost to earn it ? How much • • Based on work done or time passed? - Assets: what we own - Liabilities, shareholder equities: what we owe - Revenue: what we earn - Expenses: What it costs us to earn it - ACCOUNTING EQUATION! MEMORIZE RULES!!!!!!! • Assets= Liabilities + Shareholder Equity + Revenues - Expenses • Assets Normal Ending Balance: debits • Liabilities Normal Ending Balance: credits • Shareholder Equity Normal Ending Balance: Credits 1 Tuesday, January 19, 2016 • Revenues Normal Ending Balance: Credits • Expenses Normal Ending Balance: Debits 2


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