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 200, week 1 notes

by: Loretta Hellmann

Accounting 200, week 1 notes ACCT 200-010

Marketplace > Western Kentucky University > Accounting > ACCT 200-010 > Accounting 200 week 1 notes
Loretta Hellmann
GPA 3.75
View Full Document for 0 Karma

View Full Document


Unlock These Notes for FREE

Enter your email below and we will instantly email you these Notes for Intro Accounting-Financial

(Limited time offer)

Unlock Notes

Already have a StudySoup account? Login here

Unlock FREE Class Notes

Enter your email below to receive Intro Accounting-Financial notes

Everyone needs better class notes. Enter your email and we will send you notes for this class for free.

Unlock FREE notes

About this Document

Here are the notes we took during our first week of class
Intro Accounting-Financial
Stacy Wade (Bibelhauser)
Class Notes




Popular in Intro Accounting-Financial

Popular in Accounting

This 4 page Class Notes was uploaded by Loretta Hellmann on Sunday August 28, 2016. The Class Notes belongs to ACCT 200-010 at Western Kentucky University taught by Stacy Wade (Bibelhauser) in Fall 2016. Since its upload, it has received 46 views. For similar materials see Intro Accounting-Financial in Accounting at Western Kentucky University.


Reviews for Accounting 200, 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: 08/28/16
Week 1 Notes Tuesday, August 23, 2016 11:34 AM 8/23/2016 Chapter 1  Accounting- the language of business  Users of Financial Information  Internal users  People within the company using the accounting data like supervisors, managers  External users  Parties outside the business interested in how something is run: like investors, banks and creditors, competitors, stockholders, government  Accounting "Rules"  Generally accepted Accounting Principles (GAAP)  Publically traded companies need to be audited every year by an accounting company to verify that they're following GAAP  Business Activities  Financing Activities- how do we finance a business  Borrowing- through bank loans or borrowing from family etc.  "Liabilities" - debts or obligations of the company  Interest on debt  Investors- Contributions by investors who are now partial owners in the company  Owner's equity or Stockholder's equity  Common stock  Dividends- profit distributed to owners Investing Activities  Assets- resources owned by the company, things of value  If these things last longer than a year they are called "noncurrent assets"  Things that last less than a year like gas and fertilizer are "current assets"  This IS NOT an investment activity  Operating Activities Earnings of the Business "revenues" Costs of running a business "Expenses" Net profit= revenues - expenses 8/25/2015  Almost everything within a company can be categorized into these 5 categories: 1. Assets  Anything titled with "receivable" is an asset to the company, something that is OWED to the company by someone else  Accounts receivable  Employee receivable  Tax receivable  "Prepaid" means you've paid for more than one payment and the value that is left is an asset  Prepaid insurance  Prepaid rent 2. Liabilities  Anything with "payable" in the title  Unearned revenue  Ex: a gift card. Said company will have $25 cash asset but haven't sold that $25 worth of merchandise, it is a liability because they owe $25 worth of merchandise to somebody else 3. Equity  Common stock  Retained Earnings  dividends 4. Revenues  Service Revenue  Sales Revenue  Interest Revenue  Fees Earned 5. Expenses  Utilities Exp.  Rent Exp.  Insurance Exp.  Cost of Goods Sold Financial Statements 1 Income Statement  Shows how profitable the company was the period  It details the profitability of the business  Revenues and expenses  Net income is "revenues- expenses" 2 Retained Earnings Statement  Shows the change in retained earnings for the period  Retained earnings are how much of the prior profits they've put back into the company whether it be just money or other assets  Beginning retained Earnings  Add: Net Income  Subtract: dividends (anything they distribute to owners)  Ending Retained Earnings 3 Balance Sheet  Shows the financial position of a company on a given date  Snapshot company  Assets, liabilities, and equity 4 Cash Flow Statement


Buy Material

Are you sure you want to buy this material for

0 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."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

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."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

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.