Acc/291 Summary Week 2

Topics: Balance sheet, Asset, Generally Accepted Accounting Principles Pages: 1 (272 words) Published: February 12, 2013
Throughout this week I have learned a lot more about liabilities and how to identify the major types of current liabilities. I have learned previously about currently liability and this week really gave me a fresh reminder on the two key features: A company will the debt within one year or the operating cycle (for which ever is the longest), also the company is responsible expects to pay the debt from existing current assets or though the creation of other current liabilities (as mentioned in Chapter 10). Something that I had found very interesting these past two weeks was learning about tangible and intangible assets. With learning how to identify the entries associated with sales, plant assets, etc… Learning about how to calculate land cost and finding out what things that can be depreciated on are and gain money. As we all know about vehicles depreciating in value the second you drive it off the lot. I work on vehicle maintenance at my job and I am constantly having to make a decision whether or not it is worth the money or not. In the past, I have made bad choices however with each bad choice, you gain knowledge of how not to repeat that process again, and what measurements can be taken to avoid it. Learning about how the appreciated assets, really has me interested in how a company gains back some of the money it puts out in things it loses. My weaknesses this past two weeks is trying to remember where to log everything on the balance sheets and what side to log on (Credit or as Debit).
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