Accounting 151 Review
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This 3 page Class Notes was uploaded by Kimberly Portes on Sunday September 27, 2015. The Class Notes belongs to ACC 252 at Syracuse University taught by Prof. Zadzilka in Fall 2015. Since its upload, it has received 17 views.
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Date Created: 09/27/15
Accounting 252 Section M002 September 2 2015 Accounting 151 Review A Assets L Liabilities O Owner s Equity R Revenues E Expenses D Dividends Asset owned by the business posses a future bene t Cash Equipment Land Accounts receivable InventorySupplies Copyrights Patents Goodwill Prepaid rentassets Marketable securitiesShort term investments Liabilities an obligation to pay perform Accounts payable NotesLoans payable Accrued expensesliabilities Bonds payable Unearned revenue Owner s Equity investments made by owners contributed capital and retained earnings Capital another name for equity Stocks Retained earnings created from running the business Revenue amount generated from selling product or providing service Revenue whatever was charged for the productservice Expenses sacri ces made to get the service of others to help the business generate revenue Output of accounting nancial statements 0 Balance sheet measure nancial position at a speci c point in time Assets assets liabilities owner s equity Liabilities Owner s Equity 0 Income statement measure of nancial performance for a period of time Revenues revenue expenses net incomeloss Expenses Statement of retained earnings Beginning retained earnings net incomeor loss dividends Ending retained earnings Ending retained earnings represented in owner s equity Transaction occurs when there s an exchange of value between 2 separate entities Alerts accounting system to work Journal entry shorthand record of transactions DebitsCredits gt They mean nothing more than left and right LedgersTAccounts records taken from journal entries to know amounts Trial balance to check that debits credits Adjusting entries xing up what needs to be changed Closing entries closing the books for the accounting cycle