In class we finished covering chapter 1 and 2 by differentiating between managerial accounting (profit or non-profit) and financial accounting (public accounting firm). Finally, we discussed the 3 accounting assumptions set forth by GAAP: business entity, accounting period and going concern.
Afterwards, students were introduced to property and financial claim. A financial claim is the legal right to an asset. This discussion led to students being introduced to the basic accounting equation...Assets = Liabilities + Owner's Equity.
The notes are attached and the homework is listed below.
Notes - Accounting Assumptions
Notes - Property and Financial Claims
HW - Study for Quiz
- Read Section 3.3 - pgs. 63-66
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