Janice Jia - Unit 7, 8, 9 Padlet by Janice Jia https://padlet.com/janicej001/17yapct9ek11xphk BBI201 en-us 2021-12-02 15:41:11 UTC 2022-01-12 15:56:34 UTC hello@padlet.com The Fundamental Accounting Equation janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925462798 ASSETS = LIABILITIES + OWNER'S EQUITY]]> 2021-12-02 15:43:05 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925462798 Current Assets janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925466394 Assets that can be converted into cash easily or will change within a year. 

Examples: Cash, supplies, accounts receivable]]> 2021-12-02 15:44:32 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925466394 Fixed Assets janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925468152 Assets that will last longer than a year -- long term. 

Examples: Automobiles, land, buildings]]> 2021-12-02 15:45:11 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925468152 Current Liabilities janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925470315 Liabilities that will be paid within a year.

Examples: Accounts payable]]> 2021-12-02 15:46:04 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925470315 Long-term Liabilities janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925472138 Liabilities that will take more than a year to pay off

Examples: Bank loans, mortgages ]]> 2021-12-02 15:46:49 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925472138 Types of Businesses janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925478531 Service: Sells a service to the public
Merchandising: Buys goods and resells them to make profit
Manufacturing: Buys raw materials, converts them into product, sells to public]]> 2021-12-02 15:49:20 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925478531 Calculating a Net Income janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925480022 REVENUE - COGS - EXPENSES = NET INCOME/LOSS]]> 2021-12-02 15:49:58 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925480022 Balance Sheets and Income Statements janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925482737 Balance Sheets: Requires... Assets and Liabilities (OWN & OWED), Calculates Owner's Equity

Income Statements: Requires... Revenue and COGS and Expenses, Calculates Net Income or Loss]]> 2021-12-02 15:51:08 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925482737 Accounting janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925484353 The gathering of financial information about the activities of a business or other organization and preparing this information in reports and summaries

]]> 2021-12-02 15:51:51 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925484353 Assets janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925485508 Something owned that can be converted into money.]]> 2021-12-02 15:52:21 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925485508 Liability janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925486474 A debt owed by a business to a person, company, etc. ]]> 2021-12-02 15:52:46 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925486474 Owner's Equity janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925487646 The difference between the total assets and total liabilities of a business. ]]> 2021-12-02 15:53:17 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925487646 Balance Sheet janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925488964 A financial statement used to show the fundamental accounting equation. ]]> 2021-12-02 15:53:50 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925488964 Income Statement janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925490268 The financial statement that reports a business’s income and expenses for a fiscal period.]]> 2021-12-02 15:54:25 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925490268 Drawings janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925491806 An account that some balance sheets may include.]]> 2021-12-02 15:55:00 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925491806 Liquidity janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925492891 The specific order that items on a balance sheet must be recorded in.]]> 2021-12-02 15:55:28 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925492891 Revenue janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925494024 The income received by a company.]]> 2021-12-02 15:55:57 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925494024 Expenses janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925495087 The amounts of money paid out in order to produce the goods or services that earn revenue for the business.]]> 2021-12-02 15:56:23 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925495087 Net Income janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925496065 The difference between revenue and expenses of a business.]]> 2021-12-02 15:56:48 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925496065 Net Loss janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925498300 If a business has a greater expense than revenue.]]> 2021-12-02 15:57:49 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925498300 Cost of Goods Sold janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925634696 The cost of producing/buying goods that are resold.]]> 2021-12-02 16:54:29 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1925634696 Order of Recording Assets and Liabilities janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1926750612 1. Current assets and liabilities (cash goes first because it doesn't need to be calculated)
2. Fixed/long-term assets and liabilities ]]> 2021-12-03 06:03:09 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1926750612 Entrepreneurship janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945915481 A way of looking at things, a way of thinking, a way of doing things. Involves pursuing opportunities to satisfy needs and wants through invention or innovation.]]> 2021-12-14 01:42:35 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945915481 Invention janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945916940 The development of a new concept, idea, product, or process that has never been tried.]]> 2021-12-14 01:43:34 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945916940 Innovation janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945917964 The application of an invention to a new and different use.]]> 2021-12-14 01:44:18 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945917964 Characteristics janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945918462 A feature or quality that makes someone or something recognizable


]]> 2021-12-14 01:44:38 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945918462 Skills janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945918579 The ability to do something well (usually gained through experience and/or training).


]]> 2021-12-14 01:44:43 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945918579 Attitudes janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945918761 An opinion or a general feeling about something, the emotion with the way you think/look at something.]]> 2021-12-14 01:44:51 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1945918761 Risk janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1947295536 Undergoing an activity that has the potential to fail.]]> 2021-12-14 15:26:02 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1947295536 Gamble janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1947297299 Betting a sum of money on the outcome of an event; hoping to win money through luck/chance.

]]> 2021-12-14 15:26:39 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1947297299 Chance janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1947300505 The arbitrary distribution of events or outcomes; possibility, probability.]]> 2021-12-14 15:27:48 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1947300505 Morals janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988505261 Principles of right and wrong.]]> 2022-01-12 15:39:27 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988505261 Ethics janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988507449 Rules of conduct.]]> 2022-01-12 15:40:29 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988507449 Social responsibility janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988508267 Considering the interests of others and how the business interacts with the social system at large is known as social responsibility.  ]]> 2022-01-12 15:40:48 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988508267 Organizational ethics janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988512626 Defines how a company integrated core values – such as honesty, trust, respect, and fairness – into its policies, and decision making.]]> 2022-01-12 15:42:43 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988512626 Occupational health and safety janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988540401 The identification, evaluation, and control of hazards associated with the work environment.]]> 2022-01-12 15:54:29 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988540401 Glass ceiling effect janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988541334 An unacknowledged discriminatory barrier that prevents women and minorities from rising to positions of power or responsibility, as within a corporation.]]> 2022-01-12 15:54:54 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988541334 Whistleblowing janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988542875 One who reveals wrongdoing within an organization to the public or to those in positions of authority]]> 2022-01-12 15:55:33 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988542875 Forgery janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988544357 The crime of falsely making/altering a writing by which the legal rights or obligations of another person are apparently affected; simulated signing of another person's name to any such writing whether or not it is also the forger's name.]]> 2022-01-12 15:56:09 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988544357 Fraud janicej001 https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988545095 A deception deliberately practiced in order to secure unfair or unlawful gain.]]> 2022-01-12 15:56:28 UTC https://padlet.com/janicej001/17yapct9ek11xphk/wish/1988545095