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by: Corey Linver

Notes 26453

Corey Linver
BA 101

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Notes and Important Terms
BA 101
Class Notes
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This 4 page Class Notes was uploaded by Corey Linver on Wednesday October 28, 2015. The Class Notes belongs to 26453 at University of Oregon taught by T.Durrant in Winter2015. Since its upload, it has received 22 views. For similar materials see BA 101 in Business at University of Oregon.


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Date Created: 10/28/15
Accounting Applying information o The goal of business is to create wealth Competing for transactions in the market How can you tell how well you are doing 0 Measure individual transactions 0 Put them all together How much acquired wealth do you have and where did it come from Assets Liabilities Owners Equity How much new wealth are you creating with it Revenu Expense Profit Accounting Documents Balance Sheet A financial statement that summarizes a company s assets liabilities and shareholders equity at a specific point in time Assets An asset is a resource controlled by a company as a result of past events and from which future economic benefits are expected to flow to the company Liabilities Obligations of a company or organization amounts owed to lenders suppliers and employees Owners Equity The amount of ownership a company has in an asset Balance Sheet Information Balance Sheet Assets stuff economic resources that the company has use of and from Current assets Asset that can Will be converted to cash Within the year Cash Cash currency Accounts Amount your customers owe because they purchased from you on Inventory The value of the products merchandise that has been acquired for sale T0l6ll current assets These are the assets that you use to operate your business an important Fixed assets Assets that have a long term use or value land building equipment Property plant and The purchase price that you for the land buildings equipment that you Accumulated How much of the value of your plant and equipment you have used up T0161 xed 61559 ZS The net value of your property plant and equipment Total Assets The value of all of the assets stuff of our business Liabilities and Where the money came from to get the assets It accounts for Who has Liabilities These are loans or debt contracts Current Liabilities Loans that have to be paid back Within a year Accounts Payable Amount that you own to your suppliers for materials inventory that Current debt Loans part of a long term loan to be paid back this year Total current What you have to pay back Within the year Longterm liabilities Loans or debt contracts that have to be paid back at some point in the Total liabilities How much of other people s wealth you are renting the use of Owners Equity The value of the owners investments in the company Paid in capital This is value of What the owners paid in direct investment in the Retained earnings The value of owners profits that they choose to re invest in the Total owners This is the owners claim against the assets of the business or the value Total Liabilities and Always equal to Total Assets liabilities and owners equity account Income Statement The story of transactions over a specific time period Revenue Sales Transactions Business and it s customers Expense Transactions Business and it s suppliers such as resources people and capitol Net income is also profit The difference between revenue and expense Revenue Expenses Profit Income Stat ment Revenue Funds from the sale of product either cash or on Variable costs more products you make the greater the total cost Material costs cost of the materials in the products you sold Labor costs cost of the labor for the products sold Total variable the Cost of Goods product Sold COGS Contribution Margin difference between the revenue and the cost of goods Period Costs fixed over a period of time Do not vary with activity Depreciation value that operating uses up the factory and Ramp D Money spent developing new products improve Marketing Money spent advertising selling and distributing Admin expense The cost of legal expenses accounting services etc Total period costs The costs of operating your business over a period of Earn Before Interest Revenues variable costs contribution margin Interest expense The rent you pay to use other people s wealthmoney Taxes The tribute you pay to the government as a citizen of Net Income Revenues variable cost period costs interest taxes Expenses Variable Cost Cost of Goods Sold COGS The more you make the greater the cost 0 Labor used to make product or service 0 Material cost to make product or service 0 Cost of keeping inventory Period or Fixed Costs Operating Expense The cost of being in business that month Sellingpromotion expenses 0 Administrative expenses RampD expenses Depreciation expenses


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