Accounting and Finance by Isabella Thompson https://padlet.com/bellacooj/mwyjk81fx5k6 Notes en-us 2016-10-20 15:13:28 UTC 2017-03-15 10:12:32 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png Note 1 bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132104892 Accounting is a method of reporting financial activity of a business. Financial transactions are recorded in an orderly fashion]]> 2016-10-20 15:14:26 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132104892 Note 2 bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132105632 The components of accounting are 
  • assets
  • liability
  • owner equity
]]> 2016-10-20 15:16:02 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132105632 Note 3 bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132106015 Assets are anything of value owned by the business such as 
  • cash / accounts receivable
  • office furniture / equipment
  • company cars
  • building / real estate
  • office supplies
]]> 2016-10-20 15:17:01 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132106015 Note 4 bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132106755 Liabilities are money owed by the business or whats due (bills)
  • accounts payable
  • mortgage payable
  • taxes due
  • utilities corporation
  • office supply store
]]> 2016-10-20 15:18:54 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132106755 Note 5 bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132107529 Owners equity is the net worth of the business. The net worth is any asset owned minus any debt owed. (Its really everything you own of significance your assets minus what you owe in debts your liabilities)]]> 2016-10-20 15:20:42 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132107529 Financial statements// Summary bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132108432
  • Balance sheet
    • reports assets, liabilities, and owners equity on a certain date
  • Assets
    • anything of value that is owned by the business
  • Liabilities
    • money owed by the business (debts, accounts payable)
  • Owners equity
    • net worth of the business
    • ]]>     2016-10-20 15:23:00 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132108432     Accounting Equation bellacooj https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132109975 assets = liabilities + owners equity]]> 2016-10-20 15:26:43 UTC https://padlet.com/bellacooj/mwyjk81fx5k6/wish/132109975