By Leslie Turner
This re-creation maintains to arrange key AIS direction content material (e.g. ERP and relational databases, REA, controls) round 4 significant subject matters: simplicity of writing and presentation (lower level), enterprise techniques, accounting and IT controls, and ethics because it pertains to accounting platforms. this article deals real-world concentration that affects the bankruptcy exposition, dialogue questions, and end-of-chapter routines and instances. It comprises an emphasis on clarity that extends past the narrative to the flowcharts and illustrations.
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All other assets. . Liabilities. . . . Capital stock. . . 3 Revenues. . . . . . . . . . Expenses. . . . . . . . . . Net income. . . . . . . . . 9 Statement of Retained Earnings, 12/28/99 Retained earnings, 12/30/98. . . Net income. . . . . . . . . . Dividends. . . . . . . . . . 9 0 Retained earnings, 12/28/99. . . 2 Cash. . . . . . 1 All other assets. . Liabilities. . . . Capital stock. . . 9 f48 Part 1 Financial Statements: An Overview Financial Reporting and the Accounting Cycle b u s i n e s s e n v i r o n m e n t How to Get Your Own Copy of Microsoft s Financial Statements The complete Microsoft annual report containing the 1999 financial statements is reproduced at the end of this text.
Borrower A is more likely to be able to repay you quickly because the assets of A are more liquid, meaning that they are in the form of cash or can be easily converted into cash. Assets such as undeveloped land are said to be illiquid in that it takes time and effort to convert them into cash. This illustration shows that not all assets are the same. For some purposes, it is very important to distinguish between current assets, which are generally more liq- 35 36 Financial Statements: An Overview Financial Statements: An Overview Chapter 2 f37 uid, and long-term assets.
For example, many owners of small businesses (especially those that provide personal services) manage the day-to-day activities of, and receive the profits dividends Distributions to the owners (stockholders) of a corporation. retained earnings The amount of accumulated earnings of the business that have not been distributed to owners. capital stock The portion of a corporation s owners equity contributed by owners in exchange for shares of stock. accounting equation An algebraic equation that expresses the relationship between assets (resources), liabilities (obligations), and owners equity (net assets, or the residual interest in a business after all liabilities have been met): Assets ϭ Liabilities ϩ Owners Equity.