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Who uses accounting

Creditor (e.g. bank), state (tax authorities), investor, management (HR)

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What is accounting

Identification of transaction, recording of transactions, communication

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What is Income statement

Income statement = IS. Is Revenue - Expenses = net revenue of the year

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Who uses accounting data?

Internal Users: Finance, Human Resources, Management, Marketing
External Users: Taxing Authorities, Labor Unions, Customers, Creditors, Regulatory Agencies, Investors

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What is the basic accounting equation?

Provides the underlying framework for recording and summarizing economic events.

Assets = Liabilities + Equity

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What are Assets?

  • Resources a business owns.
  • Provide future services or benefits
  • Cash, inventory, equipment, etc.

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What are Liabilities?

  • Claims against assets ( debts and obligations)
  • Creditors - party to whom money is owed.
  • Accounts payable, notes payable, et.

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What is Equity?

  • Ownership claim on total assets.
  • Referred to as residual equity
  • Share capital-ordinary and retained earnings.