【正文】 s – Accounts Payable (We bought it on credit) – Notes Payable – Longterm debt 169。 2020 Pearson Education Introduction to Financial Accounting, 10/e 3 of 35 Learning Objectives (LO) After studying this chapter, you should be able to 6. Identify how the owners’ equity section in a corporate balance sheet differs from that in a sole proprietorship or partnership 7. Explain the regulation of financial reporting including differences between . GAAP an IFRS 8. Describe auditing and how it enhances the value of financial information 9. Evaluate the role of ethics in the accounting profession 169。 2020 Pearson Education Introduction to Financial Accounting, 10/e 6 of 35 LO 1 Accounting and DecisionMaking ? Sequence of Events Leading to Financial Statements Found in Those Reports 1. Measurable economic event occurs 2. Private (work for the reporting entity) bookkeepers/accountants analyze event to determine what elements/accounts are affected, then record the event into records 3. Records are summarized into financial statements 4. Financial reports that include the statements are provided to users who make decisions 169。 2020 Pearson Education Introduction to Financial Accounting, 10/e 15 of 35 LO 3 Balance Sheet Transactions Transaction 2: Loan of $100,000 from Bank Assets = Liabilities + Owners’ Equity Cash Note payable Lopez, Capital (1) + $400,000 = +$400,000 (2) + $100,000 = + $100,000 Bal. $500,000 = $100,000 $400,000 $500,000 $500,000