Accounting 210 Week 2 Notes
Accounting 210 Week 2 Notes AC 210
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This 2 page Class Notes was uploaded by Jared Helton on Wednesday August 31, 2016. The Class Notes belongs to AC 210 at University of Alabama - Tuscaloosa taught by Emily Sokolosky in Fall 2016. Since its upload, it has received 6 views. For similar materials see Intro to Accounting in Accounting at University of Alabama - Tuscaloosa.
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Date Created: 08/31/16
Accounting 210 8/23/16 Financial Statements Income Statements Statements of Retained Earnings o Reports the way that net income and the distribution of dividends affected the financial position of the company during the period Balance Sheet o Reports at a point in time What a business owns (assets) What it owes to creditors (liabilities) What is leftover for the owners of the company (stockholder’s equity) Statement of Cash Flows o Summarizes how a business’s operating, investing, and financing Notes to the Financial Statements Notes help financial statement users understand how the amounts were derived and what information may affect their decision. Relationships Among the Financial Statements External Financial Reporting Main Goal: Provide useful financial information to external users for decision making. o Useful Relevant Faithful Representation o Comparable o Verifiable o Timely o Understandable Accounting Standards o United States FASB GAAP o World IASB IFRS
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