MGTA02H3 Lecture Notes - Lecture 3: Accounts Payable, Current Liability, Retained Earnings
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MGTA02H3 Full Course Notes
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Transaction is everything is valued in your life, and the necessary for the business to the tracking is transaction. Bookkeeping- bookkeeper; people who account the financial statement. The difference between financial accounting and cost/ management accounting (internal working aspect of business) Doing better in your time accounting is inventory income tax, sales tax, property tax, access tax . Financial statement: (how much money we earn now) Balance sheet: supply detailed information about the accounting equation. They show the firm"s financial position and its assets, liabilities and owner"s equity at a particular time. (every transactions have the application of two accounts) Account payable (liability)- (you haven"t paid the money to them yet; eg. a company said that you can pay the money within 20 days ) Assets; cash-when you invest sth, which haven"t given out yet is called owner"s equity. Assets - current or liquid assets assets that can be converted into cash in one year.
