sheet is relatively simple in concept. Every company’s balance sheet is comprised of three elements: Assets: often defined as an economic resource which is owned by the corporation and is expected to provide future benefits to its operation. Accounting rules allow assets to take two forms: Tangible Assets‚ which have a physical form such as a building or a piece of machinery. Intangible Assets‚ which usually involve a legal right or claim such as a patent. Liabilities: these are the debts
Premium Generally Accepted Accounting Principles Liability Asset
Accounting Basics: Introduction Accounting is a glorious but misunderstood field. The popular view is that it’s mostly mind-numbing number-crunching; it certainly has some of that‚ but it’s also a rich intellectual pursuit with an abundance of compelling and controversial issues. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. But many accountants will tell you that it’s people skills‚ not technical knowledge‚ that are crucial to
Premium Balance sheet Financial Accounting Standards Board Income statement
Accounting Equation ACC 300 June 24‚ 2013 Bennie Clark Accounting Equation Assets = Liabilities + Stockholder’s Equity is the basic accounting equation. Liabilities are a company’s legal debts or obligations that come from transactions or from business operations. Stockholder’s equity is capital received from investors in exchange for stock‚ retained earnings and donated capital. These two portions of the balance sheet added together make up the company’s assets‚ which represent ownership
Premium Balance sheet Accounting equation Asset
Accounting Equations Paper ACC/300 Nakisha Susberry University of Phoenix Student 4/20/2013 The accounting equation is a formula that represents the relationship between the assets‚ liabilities‚ and owner ’s equity of a small business. Businesses use this to basically show what it owns what it owes and what its investors are investing. In order to understand these concepts it is important to have some knowledge of what is meant by each of the three basic components mentioned. “Assets
Premium Asset Balance sheet Accounting equation
1. Functions of departments in Thanh Dung Company * BOD: The main function of the board is to manage the business in the best interest‚ primarily of the shareholders. In other words it is their duty to add value to the business which‚ by definition‚ requires the director to ensure that the Thanh Dung Company continues to improve its profitability and the price or value of its shares. They will set up targets‚ policies and strategies to create the premise for the operation of Thanh Dung Company
Premium Balance sheet Accounting software Accounts receivable
Course Syllabus Basic Accounting School Year 2011-2012 First Semester I. CATALOGUE COURSE DESCRIPTION A. Course Code and No.: ACCTG 1 B. Course Title: Basic Accounting C. Course Description: Basic accounting introduces the importance of accounting and also the basic steps and techniques used. The material covered will also include coverage of the principles and procedures of the accounting cycle for a sole proprietorship and merchandising organizations. General-purpose
Premium Generally Accepted Accounting Principles Balance sheet Revenue
There are Five Basic Elements of Accounting and Financial Statements: |Assets |Economic resources owned by the company which are expected to provide future | | |benefits. Historically‚ assets have been accounted for at cost. However‚ current | | |accounting guidance is moving towards more fair value asset valuation models. | |
Premium Balance sheet Generally Accepted Accounting Principles Double-entry bookkeeping system
Key Components of a Successful Blog After reading many articles on the web about successful blogging‚ the main components are fairly universal across the board. The main and possibly most important components would be to blog about something that you have a passion for. Yes‚ you can fake it for a little while‚ but eventually you will run out of ideas to write about on that topic‚ and your readers will lose interest. You must also be able to gain trust and become and authority among your blog
Premium Blog
Accounting Equation Paper LaShonda Battiste ACC 300 University of Phoenix Instructor-Chastity D. Gaither The equation of accounting is the basic equation that is associated with double-entry accounting. The accounting equation establishes the formula of representing the relationship that is between assets liabilities‚ and net worth. Furthermore‚ the most common of all the various balance sheet equations‚ would the accounting equation and it is also fundamental to learning how to properly
Premium Balance sheet Accounting equation Asset
17. In a sample of solid Al(NO3)3‚ the ratio of aluminum ions to nitrate ions is (1) 1:1 (2) 1:2 (3) 1:3 (4) 1:6 19. What is the total number of atoms in (NH4)2SO4? (1) 10 (2) 11 (3) 14 (4) 15 22. Write the correct formula for the following binary ionic compounds. (a) Lithium fluoride LiF (b) Calcium oxide CaO (c) Aluminum nitride AlN (d) Beryllium chloride BeCl2 (e) Potassium iodide KI (f) Aluminum oxide Al2O3 23. Write the correct formula for the following binary molecular
Free Oxygen Oxide Aluminium