ACCT 110 Lecture Notes - Lecture 1: American Red Cross, Financial Statement, Retained Earnings
23 Apr 2018
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The following information is from the video lecture for accounting 110. The yellow highlights are what i think are important. The highlights of different colors are to make it easier to find definitions that came out previously. Financial conditions of businesses or other organizations. Different things we look at when we look at a business . We need financial resources (aka money) to establish and operate businesses. Comes from one or both of the following sources: Could be a person, like your uncle. Somewhere we can borrow money with the intentions of paying back. Lumber is an example of a natural resource. When you"re making a product , you must consider natural resources. Owners of physical resources seek to sell these resources to those businesses who are able to pay higher prices and make repeat purchases. For example, a wood seller sells to a desk maker. Wood seller is the natural resource seller.
