Results for "notes-receivable"

Here’s a concise **reviewer** based on the exact words from the slides: --- ### **Accounting Equation** - **Assets = Liabilities + Equity** - **Equity Components:** - Capital (original investment, additional investment) - Drawing - Income (+) - Expenses (-) --- ### **Income and Expenses** - **Income:** - Service Income - Sales - **Expenses:** - Salary Expense - Utility Expenses (water, electricity, internet) - Advertising Expense - Office Supplies Expense --- ### **Liabilities** - Accounts Payable (verbal) - Notes Payable (promissory note) - Unearned Income --- ### **Assets** - Delivery Truck - Furniture and Fixture - Land - Building - Cash - Accounts Receivable (verbal) - Notes Receivable (promissory note) - Office Supplies - Prepaid Expenses - Inventory - Office Equipment / Computer Equipment --- ### **Accounting Elements** 1. Assets 2. Liabilities 3. Equity 4. Income 5. Expenses --- ### **Accounting Information Systems (AIS)** - Refers to the *computer-based method* used by companies to *collect, store, and process accounting and financial data*. - Internal users use AIS to report information to stakeholders (creditors, investors, tax authorities, etc.). --- ### **Characteristics of Accounting Information** 1. **Completeness** – No essential information should be missing. 2. **Summarization** – Information should be aggregated based on user needs. - Low-level management >> highly detailed information. - Higher-level management >> less detailed or highly summarized. 3. **Relevance** – The *contents of a report* must serve a purpose. 4. **Timeliness** – The *age of information* is critical; it must be no older than the time of the action it supports. 5. **Accuracy** – Information must be *free from material errors*. --- ### **Accounting Information** 1. **Financial Position** (Balance Sheet) 2. **Results of Operations** (Income Statement) 3. **Cash Flows** --- ### **Users of Financial Statements** 1. **Internal Users:** - Management - Employees 2. **External Users:** - Investors - Creditors - Suppliers - Government --- ### **What is Accounting?** - Accounting is a service activity. Its function is to provide **quantitative information**, primarily financial in nature, about economic entitis. This information is intended to be useful in making economic decisions and reasoned choices among alternative courses of action. --- This reviewer is structured for quick reference and easy memorization, using the exact words from the slides

Notes Receivable

Notes Receivable

Chapter 5 - Notes Receivables

Notes Receivable

Notes Receivable

Chapter 8: Receivables, Bad Debt Expense, and Interest Revenue

Chapter 8: Receivables, Bad Debt Expense, and Interest Revenue