BUS 1050 1nd Edition Lecture 19 Outline of Last Lecture I Pacioli Outline of Current Lecture II Pacioli III Saikaku IV Defoe Current Lecture Pacioli Directed to Merchants Inventory Memo Journal Ledger Financial Report public company 10k Report Balance Sheet Incomp statement Cashflow statement P313 L5 Religious meditation recommendation part of a bigger picture L17 Memos for when and where Keep track of transactions Trial Balance P316 L35 The Journal Must have same mark as memorandum book Must put date items of inventory Assets liabilities and Owners Equity Assets Liabilities Owners Equity Debits 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 Sales Gross Profit Net Sales Cost of Goods
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