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Accounting 210 Week 2 Notes

by: Jared Helton

Accounting 210 Week 2 Notes AC 210

Marketplace > University of Alabama - Tuscaloosa > Accounting > AC 210 > Accounting 210 Week 2 Notes
Jared Helton
GPA 3.4

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About this Document

Notes for 8/23/16
Intro to Accounting
Emily Sokolosky
Class Notes
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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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