Chapter 1 Notes
Chapter 1 Notes ACTG 211
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This 2 page Class Notes was uploaded by Lauren Zurcher on Friday November 6, 2015. The Class Notes belongs to ACTG 211 at University of Oregon taught by Michael Tomcal in Fall. Since its upload, it has received 46 views. For similar materials see Into to Financial Accounting in Accounting at University of Oregon.
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Eugh...this class is soo hard! I'm so glad that you'll be posting notes for this class
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Date Created: 11/06/15
CHAPTER 1 0 External vs Internal Users 0 External Investors Creditors Customers 0 Internal Finance marketing human resources management 0 Forms of Business Org I Owned by one person I Unlimited Liability Business is not a separate legal entity from its owner I Ends when person dies I Not subject to business income tax I Owned by 2 or more people I Unlimited Liability Not legally separate from its owners I Not subject to business income tax I Separate from its owners o Ownersshareholdersstockholders I Pays double taxation 0 SarbanesOxley Act SOX 0 Regulations passed by congress to reduce unethical corporate behavior 0 GAAP What accountants need to go by 0 Measurement Principle Information is based on actual cost 0 Revenue Recognition recognized when earned o Expense Recognition matching revenue 0 Full Disclosure Principle The company s report will impact decisions 0 Income Statement 0 Revenue Expense Net incomeloss 0 Net Income Revenue Expense M Liabilities Equity Cash Accounts payable Common Stock Accounts receivable Notes Payable Dividends Supplies Revenue Equipment Expenses Notes Receivable Assets liabilities Liabilities Common Stock Dividends Revenues Expenses Balance Sheet equity ASSETS LIABILITIES Cash 10746 Accounts Payable 21175 Account Receivable 10930 Other liabilities 37178 Land and Equipment 15452 Total liabilities 58353 Investments 138936 EQUITY Common stock 16422 Retained earnings 101289 Total equity 1 1771 1 Total Assets 176064 Total liabilities 176064 Income Statement Revenues Costs Expenses Statement of Retained Earnings Retained earnings previous Net income dividends