What is accounting?
8 important questions on What is accounting?
What are the non-current assets accounts on the balance sheet?
2. Inventory - sustainable possessions of the company, e.g. chairs in company
What are the current assets accounts on the balance sheet?
2. Accounts receivable - customers who still have to pay their bill
3. Note receivable - customers who still have to pay their bill, but who have signed a written debt statement when exactly they are going to pay
4. Prepaid rent - rent that has been prepaid
5. Bank - total amount of money on the company's bank accounts
6. Total amount of money company has in cash
What are the 2 types of liabilities?
2. Current liabilities - liabilities that need to be paid within a year
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What are the non-current liabilities accounts on the balance sheet?
2. Warranty provision - money set aside for unforeseen costs or products that have to be returned/replaced etc.
What are the shareholders' equity accounts on the balance sheet?
2. Retained earnings - when the net profits are not paid out as dividends, but kept within the company it is included in this account
How do you calculate the end of period equity?
What is the statement of income?
What are the 2 forms of statement of incomes?
2. Vertical format, used for annual reports
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