New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Accounting Week 1 Notes

by: Riley Goodman

Accounting Week 1 Notes ACCT 2013

Marketplace > University of Arkansas > Accounting > ACCT 2013 > Accounting Week 1 Notes
Riley Goodman

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Notes from week one of lectures.
Principles of Accounting 1
James Meyers
Class Notes
Accounting Week 1 Notes
25 ?




Popular in Principles of Accounting 1

Popular in Accounting

This 2 page Class Notes was uploaded by Riley Goodman on Tuesday February 2, 2016. The Class Notes belongs to ACCT 2013 at University of Arkansas taught by James Meyers in Winter 2016. Since its upload, it has received 18 views. For similar materials see Principles of Accounting 1 in Accounting at University of Arkansas.

Similar to ACCT 2013 at UA

Popular in Accounting


Reviews for Accounting Week 1 Notes


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 02/02/16
Accounting Wednesday, December 2, 2015 2:03 PM What is accounting?  People make decisions about companies  Company activities measured by Accountants  Accountants who relay information to the public Types of Accounting: 1 Investment 2 Lending 3 Regulatory 4 Employment 5 Management 6 Tax Authority What do accountants monitor?  Financing - external sources of funding o Stockholders' Equity o Liabilities  Investing - purchase and sale of assets o Assets  Operating - primary operations of the company o Revenues o Expenses Accounting Equation: Assets = Liabilities + Stockholders' Equity  Resources = Claims to resources  Own = Owe + Residual for owners  Own - Owe = Residual for owners Components of Stockholders' Equity:  Assets = Liabilities + Stockholder's Equity  Stockholders' Equity = Net Income - Dividends  Net Income = Revenues - Expenses  Dividends are profits to Owners How do Accountants Communicate? Four basic financial statements: (Order matters) (Used in every kind of business) 1 Income Statement: a Revenues - Expenses = Net Income i Net income is also called profit and earnings ii Expenses = cost of earning revenues iii Net Income = Measure of company's success 2 Statement of Stockholder's Equity: Stockholder's Equity = Common Stock + Retained Earnings  Common Stock = Investments by Owners o Ending Common Stock = Beginning Common Stock + Issuances of Common Stock  Retained Earnings = All net Income less Dividends over the life of the company o Ending Retained Earnings = Beginning Retained Earnings + Net Income - Dividends 1 Balance Sheet: a Resources = Claims to Resources b Assets = Resources owned by the company c Liabilities = Creditors' claims to those resource d Stockholders' equity = any resource not claimed by creditors 2 Statement of Cash Flow: a Operating Activities i Cash Inflows ii Cash Outflows iii Net Operating Cash Flows b Investing Activities i Cash Inflows ii Cash Outflows iii Net Investing Cash Flows b Financing Activities i Cash Inflow ii Cash Outflow iii Net Financing Cash Flows Two sets of Accounting Rules:  Measurement - Timing and amount  Disclosure - Making financial statement Generally Accepted Accounting Principles (GAAP):  Financial Accounting Standards Board (U.S. Companies)  International Accounting Standards Board (All other Companies)  Securities and Exchange Commission - Regulates Stock Market  Auditor verifies that rules are followed (Independent of company)


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Parker Thompson 500 Startups

"It's a great way for students to improve their educational experience and it seemed like a product that everybody wants, so all the people participating are winning."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.