ACC 100 Study Guide - Midterm Guide: Current Liability, Trial Balance, Financial Statement

• School: Ryerson University
• Department: Accounting
• Course: ACC 100
• Professor: Alison Beavis

Document Summary

Midterm notes: forms of organizations, sole proprietorship. Business same as person so if something done wrong everything can be taken from owner: partnership. 2 + owners, unlimited liability (same concept to sole proprietorship) Private corporation: buy shares privately (must know someone) don"t have. Shares market) to report: types of business activities, financing. Where does the money come from to support business. Long lived assets (assets that last more than one year: operating. * cash flow breaks up the types of business activities: what is accounting. A system and process for identifying, measuring, analyzing, summarizing economic information about an entity communicating to various users through financial statements: financial statements. Result of operations for a specific period of time. Revenue, expenses, net income: statement of retained earnings. Changes in retained earning over a specific period of time. Key formula: assets= liabilities+holders" equity: cash flow statement. How company is managing money over a specific period of time.