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ACCT Ch 1 & 2

Introduction to Financial accounting and balance sheet

QuestionAnswer
Dividends Receive a portion of the company's earnings in cash
Auditing conduct an official financial examination
four basic financial statements STATEMENT OF CASH FLOW : shows how cash entered and exited a company BALANCE SHEET: assets, liabilities, and shareholder quity INCOME STATEMENT: financial report company's income and expenses STATEMENT OF SHAREHOLDERS EQUITY: balance sheet over time
Balance sheet equation assets=liabilities +shareholders' equity
Assets cash, account receivable, inventory, property, land
Liabilites account payable, notes payable
Shareholders' equity Common stock, retained earrings
revenues sales revenues
expenses cost of goods sold, selling, general, and administrative expenses, interest expense, income tax expense
net income equation net income= revenues- expenses
retained earnings beginning retained earnings, net income, dividends, ending retained earnings
statement of shareholders' equity equation beginning retained earnings + net income- dividends= ending retained earnings
Balance sheet- key ration analysis current ration = current assets/current liabilities
current ratio current assets to current liabilities
transaction analysis equation assets= liabilities +stockholder ' equity
T- account debit (dr)=left credit (cr)= right
For assets debit increases and credit decreases
for liabilities debit decreases and credit increase
for equities debit decrease and credit increase
journal entries formal way to record results
each T account has the account title; a beginning balance; the debits and credits; and the ending balance.
Created by: srija.vya22
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