ACC 200 byu

Quarterly Report (10-Q)

Filed 1st 3 quarters of the year

Annual Report (10-K)

End of year report

GAAP

Generally Accepted Accounting Principles

Asset Equation

Assets = Liability + Equity

Equity

Remaining claim against the assets of a business (owner’s equity and shareholders equity)

(E= A-L)

Current Assets

Cash, investments, Accounts receivable, Inventory, and Pre-paid expenses

Non-Current Assets

All other assets (land, leases, tangible and intangible assets)

Investments

Measured at its fair value, which they expect to recieve on the day they sell.

Accounts Receivable

IOU from customers

Total amount owed from customers - an allowance or estimate collected

(Accounts receivable net)

Doubtful Accounts

An estimate of the amount they don’t expect back

Inventory - Goods

Cost to purchase the inventory or the cost to manufacture

Pre-paid expenses

Cash payments made in advance

Measured at the amount of benefit that has not been used

Are an asset

Property, Plant & Equipment (PPE)

Tangible, long-term assets to be used

total cost to purchase - depreciation

Straight line depreciation

Annual Dep. = Total amount / years