BA 160 Lecture Notes - Lecture 12: Academic Advising, Financial Statement
23 Jan 2018
School
Department
Course
Professor
To do:
● Read: Articles (Link on Canvas)
● Complete: Quiz 7 on article and upcoming team meetings
● Complete: GAP Analysis
● Complete: Academic advising assignment (leave with advisor)
Business Development Procedure:
● Take part in Team Discussion Board 3 (on Canvas)
● Complete: Individual feedback on Department Business Plans
● Prepare: Team Meeting with Instructor
Accounting:
● Why does accounting matter?
● What is accounting?
○ Keeps track of businesses financial records
● Income Statements
○ Managers and Owners use financial statements to understand the status of the
company.
● Annual Report
○ 100-200 pages talking about all the finances of the company.
○ Gives investors insight
○ Assets:
■ A firm’s economic resources, or items of value that it owns, such as cash,
inventory, land, equipment, buildings, and other tangible and intangible
things.
○ Liabilities:
■ Debts that a firm owes to others.
○ Owner’s Equity
■ Equals assets minus liabilities and reflects historical values.
● Income Statements:
○ A financial report that shows an organization's profitability over a period of time.
Importance of Integrity in Accounting:
- In 2008, financial crisis and recession: Example of a failure in accounting reporting
- Many firms attempted to exploit loopholes and manipulate accounting reporting.
- Transparency and accuracy in reporting revenue, income and assets develops trust from
investors and other stakeholders.
Document Summary
Complete: quiz 7 on article and upcoming team meetings. Complete: academic advising assignment (leave with advisor) Take part in team discussion board 3 (on canvas) Complete: individual feedback on department business plans. Managers and owners use financial statements to understand the status of the company. 100-200 pages talking about all the finances of the company. A firm"s economic resources, or items of value that it owns, such as cash, inventory, land, equipment, buildings, and other tangible and intangible things. Debts that a firm owes to others. Equals assets minus liabilities and reflects historical values. A financial report that shows an organization"s profitability over a period of time. In 2008, financial crisis and recession: example of a failure in accounting reporting. Many firms attempted to exploit loopholes and manipulate accounting reporting.
