ACC 100 Lecture Notes - Lecture 3: Income Statement, Retained Earnings, Balance Sheet

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Keith Whelan

Document Summary

Acc 100 - lecture 3 - accounts and financial statements. Accounts are common subgroups of financial reporting elements that are used to accumulate business activities. Accounts subdivide financial reporting elements so that the accounting systems can also be used to produce financial statements. Professional naming businesses have elaborate systems for creating new names and know their way around the trademark laws. Names should not include strings of number or initials, common geographic or generic names, long confusing names, and personal puns. The name should appeal to the target audience. The name can be comforting or familiar. Consider coining a name or using new forms of spellings of an already existing word. Most professional naming firms spend about 6 months choosing a name. Assets whose value will decrease as it is being used up. Assets that are paid for in advance but will become an expense in the future. Assets that will last over the long term.