ACC 240 Lecture Notes - Lecture 17: Net Income, Common Stock, Income Statement

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17 May 2018
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Common Terms for the Added Value created in the transformation process
Profit, Income, and Earnings
Financial Accounting
Focused on the needs of external users
Managerial Accounting
Focused on the needs of internal users
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Assets
What I own (Cash & Land)
Liabilities
My obligations, what I owe. To bank or Creditors
Ex: Loans, accounts, payables
Equity
What I owe to Stock holders or Investors
Common Stock + Returned earnings
Balance Sheet
Assets= Liabilities + Equity ( C.stk and Returned Earnings)
Income Statement
Revenue - Expenses = Net Income
Revenues
Assists resulting from providing goods and services to customers
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