BUS 1050 1nd Edition Lecture 18 Outline of Last Lecture I Accounting and Marketing Outline of Current Lecture II Pacioli III Accounting System Current Lecture Pacioli The Accounting System The basis of business is accounting Inputs accounting documents sales purchasing shipping payroll bank travel records entertainment records Processing Entries are made into journals Recording The effects of these journals entries are transferred or posted into ledgers Classifying All accounts are summarized Output financial statements income balance sheet outside reports Receipts Memo Journals Bookkeeper Payables Receivables real estate exportation Ledger Balance Income Statement P L Profit and Loss Cash Flow Statement Assets Liabilities Equity Revenue Cost of Goods Expenses Net Profit Assets Liabilities Owners Equity These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Accounts Receivable Inventory Investments Equipment Land Buildings Motor Vehicles Goodwill Cash Accounts Payable Notes Payable Bonds Payable Taxes Payable Capital Stock Retained Earnings Revenues Cost of Goods Sold Expenses Sales Revenue Rental Revenue Commissions Revenue Royalty Revenue Cost of buying goods Cost of storing goods Wages Rent Repairs Travel insurance Utilities Entertainment Storage Classifications of Assets Current Asset cash inventory Fixed Asset Land equipment Intangible Other Intellectual property Bonds IOU For organizations equity value is determined by Retained earnings price earnings Interest Donations Licenses Fees Supplies Advertising Taxes
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