Acct 2101 Exam 1 Exam 1 Study Guide Lectures 1 10 Survey of Accounting pages 1 30 Lecture 1 2 3 January 12 14 16 Accounting Equation Assets Liability Stockholders Equity Cash Land Notes Payable Common Stock Retained Earnings Revenue Dividends Expenses OR Assets Claims Net Income Revenues Expenses Balance Sheet uses the accounting equation A L SE Equation always has to be balanced What you do to one side you do to the other Lecture 4 5 January 21 23 In financial statements are organized into categories know as elements Assets Liabilities Equity Stockholders Equity Contributed capital Common Stock Revenue Expenses Distributions Net Income Investors provide financial resources in exchange for ownership interests Creditors lend financial resources and expect the business to repay borrowed recourses with interest Assets are the resources a business uses to make money Liability is the obligation a business has to its creditors when you take loans Stockholders are investors Revenue is an economic benefit Dividends are when a business transfers some or all of its earned assets to its owners Expenses are the assets and service consumed to generate revenue Lecture 6 7 8 January 26 28 30 Financial Activities include obtaining cash inflow from owners or paying cash outflow to owners dividends also borrowing cash and repaying creditors Cash Pay dividends Operations Activities receiving cash inflow from revenue and paying cash outflow for expenses Day to day like bills wages Revenue Expenses Investing Activities paying cash outflow to purchase long term assets or receiving cash inflow from selling assets Land Equipment Selling land Selling equipment