accounting∶thelanguageofbusiness-文庫吧資料
2025-08-20 19:02本頁面
【正文】 ition 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 Introduction to Financial Accounting, 10/e 11 of 35 LO 2 The Balance Sheet Liabilities – economic obligations of the anization to outsiders from past transactions /events that it expects to pay in the future ? Accounts – subdivision of the element Liabilities – Accounts Payable (We bought it on credit) – Notes Payable – Longterm debt 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 7 of 35 LO 1 Accounting and DecisionMaking ? Characteristics of Financial Reports – Prepared by management – Provided to outsiders quarterly and annually – Primarily about past transactions and events – Tell very little about future transactions, events, or circumstances ? Financial Statements (part of those reports) – Balance Sheet – Ine Statement – Statement of Cash Flows – Statement of
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