accounting∶thelanguageofbusiness-wenkub
2022-08-30 19:02:30 本頁(yè)面
【正文】 s of Annual Financial Reports – A letter from corporate management – Management’s discussion and analysis of past and possible future transactions, events, circumstances – Financial statements – Footnotes explaining many elements of the financial statements in more detail – Independent auditor’s report – A statement of management’s responsibility for preparation of the financial statements – Other corporate information 169。 2020 Pearson Education Introduction to Financial Accounting, 10/e 9 of 35 LO 2 The Balance Sheet ? The balance sheet (also called the statement of financial position) shows the financial status of a pany at a particular instant in time ? Reflects the basic accounting equation, which is Assets = Liabilities + Owners’ equity Resources = Claims against those resources 169。 2020 Pearson Education Introduction to Financial Accounting, 10/e 13 of 35 LO 3 Balance Sheet Transactions ? Every transaction of a pany or entity affects the balance sheet equation – An entity is an anization that stands apart from other anizations and individuals as a separate economic unit for which the balance sheet is being prepared – A transaction is any event that affects the financial position of that entity and that can be reliably recorded in money terms ? At least two accounts will be affected for every entry recorded (pound entry = 2 accounts) LO 3 Balance Sheet Transactions Assets = Liabilities + Owners’ Equity Cash Lopez, Capital (1) + $400,000 = +$400,000 Transaction 1: Initial Investment of $400,000 (Owner Investment) 169。 2020 Pearson Education
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