ACCT 101 Lecture Notes - Lecture 1: Merck & Co., Delta Air Lines, Walmart
Document Summary
Income statement: summary of the revenue and expenses for a specific period of time, such as a month or a year. Statement of stockholders" equity: a summary of the changes in stockholders" equity that have occurred during a specific period of time, such as a month or a year. Balance sheet: a list of the assets, liabilities, and stockholders" equity as of a specific date, usually at the close of the last day of a month or a year. Statement of cash flows: a summary of the cash receipts and cash payments for a specific period of time, such as a month or a year. Service businesses provide services rather than products to customers. Retail businesses sell products they purchase from other businesses to customers. Manufacturing businesses change basic inputs into products that are sold to customers. Accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business.
