BUS 1050 1nd Edition Lecture 19Outline of Last Lecture I. PacioliOutline of Current Lecture II. PacioliIII. SaikakuIV. DefoeCurrent LecturePacioli (Directed to Merchants):Inventory->Memo-> Journal->LedgerFinancial Report (public company:10k Report):Balance Sheet-> Incomp statement-> Cashflow statementP313. L5. Religious meditation recommendation part of a bigger picture.L17. Memos for when and where. Keep track of transactionsTrial Balance P316. L35. The Journal. Must have same mark as memorandum book. Must put date, items of inventory. Assets = liabilities and Owners EquityAssets Liabilities Owners EquityDebits Credits Debits Credits Debits Credits+ - - + - + P321. Pacioli ledgers.Saikaku- Geisha Life. Welathy through cliental and educational culturalists. Accountant by trade.Accountants learn about organization-know about things that CEO don’t want to know.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.Frugality. Separate ledgers in business. Sat all day in shop. P324. L37. Detail oriented person. P325. Story of Rice Cakes. Vaporization of heat to weigh less for a lesser cost. Daniel Defoe- Novelist. Wrote English book on accounting with a section with accounting section and management. P328. L15. Balance accounts of stock and loss. L43. Trial Balance. Exact book keeping. 3 Articles: Must have record of goods in shop (Inventory). Money in cash (Current asset). Debts (Liabilities). * Quote: If a merchant doesn’t know how to do accounting, should find accountant. - In early 1700s, 18 accounts in all of England. In the age of Defoe.Last two pages of Defoe: Do accounting to protect against liability. Example: If business owner dies, and doesn’t keep books, suppliers can come back and claim that they never got paid. Business would have to owe because of no proof in books.Accountants should do right regardless of family and faith.NP Ratio: Net profit/Net SalesGross Profit: Net Sales-Cost of
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