FinancialAccountingPrimer_Version10PartsIandII

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FinancialAccountingPrimer_Version10PartsIandII

1FINANCIAL ACCOUNTING PRIMER July 2010Dr. Alison KIRBY JONESSchool of Management Boston UniversityTerminology2Part I: THE BALANCE SHEET3Practice Probl

FinancialAccountingPrimer_Version10PartsIandIIlems (A), (B) and (C)16Part II: INCOME STATEMENT19STATEMENT OF RETAINED EARNINGS andstatement ,Qf CASH f.LQW$Practice Problems (D), (E) and (F)32Solut

ions to Practice Problems (A)-(E)33Blank Spreadsheets43<&■ July 2010. Ahsoi Kirby JonesFtiancial Accounting Primer, page 2Terminology CheckBefore read FinancialAccountingPrimer_Version10PartsIandII

ing this primer check that you understand the following general business terms. (The textbook also has an expansive glossary at the back.)•Accounts Pa

FinancialAccountingPrimer_Version10PartsIandII

yableLiability. Amounts we (the company) owe to suppliers/vendors•Accounts ReceivableAsset. Amounts owed to US by customers who purchased from US on c

1FINANCIAL ACCOUNTING PRIMER July 2010Dr. Alison KIRBY JONESSchool of Management Boston UniversityTerminology2Part I: THE BALANCE SHEET3Practice Probl

FinancialAccountingPrimer_Version10PartsIandIIurers will also have raw materials inventory and partially completed work-in-process inventory.•p.p. & E.Asset. Short for Plant, Property and Equipmen

t - includes all tangible assets which have a useful life longer than one year.•Advances from CustomerLiability. Payments received from customers befo FinancialAccountingPrimer_Version10PartsIandII

re we ship the product to them or perform the service for them•Prepaid ExpensesAsset. Payments we make to "service providers" in advance of receiving

FinancialAccountingPrimer_Version10PartsIandII

the corresponding service (commonly seen in the case of insurance and rent)•Contributed CapitalOwners' Equity. Equity contributions received from the

1FINANCIAL ACCOUNTING PRIMER July 2010Dr. Alison KIRBY JONESSchool of Management Boston UniversityTerminology2Part I: THE BALANCE SHEET3Practice Probl

FinancialAccountingPrimer_Version10PartsIandIIres in a public offering. (This is unaffected by subsequent transactions of shares bought and sold between shareholders.)•Forms of Financing•Debt Fina

ncing -- LiabilitiesFunding received from lenders in exchange for a commitment to repay principal at a specific date, with a specific interest rate (e FinancialAccountingPrimer_Version10PartsIandII

.g. loan, note, bond)

1FINANCIAL ACCOUNTING PRIMER July 2010Dr. Alison KIRBY JONESSchool of Management Boston UniversityTerminology2Part I: THE BALANCE SHEET3Practice Probl