Notes for Accounting 211

Feb 3rd, 2012
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University of Miami
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Introductory accounting notes for first test in the course. Ideal for any business major or any college level student taking an accounting course. Comprehensive notes that cover through the first exam in the class.

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Class NotesAssets=Liabilities+stockholders' equityBalance sheet=financial position of a companyAssets: what a corporation ownsPresented in order of liquidityDebitLiabilities: what a corporation owesListed by maturitiesCreditBoard?officers?retailers cord?suppliers, customers, creditors (banks), shareholdersMain attraction of corporation: limits personal liabilityWhat accounts are affectedWhich increase which decreaseCredits=debits?Is the accounting equation in balance?Accrual method: revenues recognized/recorded when earned not received Expenses?when incurredStockholders' Equity: Contributed capital:Retained earnings:Materiality:Conservatism: Most transactions come from external interactionsAccount:Ordering does not result in a transactionLedger=T accountsDividends reduce retained earningsExternal Financial accounting:Relevant;Reliable: information is accurate, unbiased, verifiedSeparate entity assumption:Unit-of-measurement assumptionContinuity assumption: businesses are assumed to continue to operate into the foreseeable future (going concern)Assets: what the corporation ownsHistorical cost principle: we record an asset at cost and tat does not changeCurrent asset: (inventory)Liability: what a corporation owesStockholders equity: (contributed capital and retained earnings) creditRevenues: debitExpenses: creditDividends: distribution of profitsStock: buy a piece of a businessAccrual method: revenues recognized when earned not when cas

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