By Leslie Turner
This new version keeps to prepare key AIS path content material (e.g. ERP and relational databases, REA, controls) round 4 significant issues: simplicity of writing and presentation (lower level), company approaches, accounting and IT controls, and ethics because it pertains to accounting structures. this article deals real-world concentration that affects the bankruptcy exposition, dialogue questions, and end-of-chapter routines and situations. It contains an emphasis on clarity that extends past the narrative to the flowcharts and illustrations.
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Additional resources for Accounting Information Book
2 Balance Sheet, 12/30/98 (in millions) Cash. . . . . . All other assets. . Liabilities. . . . Capital stock. . . 3 Revenues. . . . . . . . . . Expenses. . . . . . . . . . Net income. . . . . . . . . 9 Statement of Retained Earnings, 12/28/99 Retained earnings, 12/30/98. . . Net income. . . . . . . . . . Dividends. . . . . . . . . . 9 0 Retained earnings, 12/28/99. . . 2 Cash. . . . . . 1 All other assets. .
An investor shouldn t pay money in exchange for ownership in a company without knowing something about the company s existing resources and obligations. When a balance sheet is classified, and when comparative data are provided, the balance sheet provides an informative picture of a company s financial position. f38 Part 1 Financial Reporting and the Accounting Cycle exhibit 2-3 Financial Statements: An Overview Classified Balance Sheets for Safeway Safeway, Inc. S. 0 193,810 10 Machines (IBM) *Accounting book value and market value are in millions of dollars.
Owners’ claims against resources Increased by investments by owners and profitable operations THE FORMAT OF A BALANCE SHEET A simple balance sheet, adapted from Microsoft s 1999 balance sheet reproduced in Appendix A at the end of the book, is shown in Exhibit 2-2. Note that a balance sheet is presented for a particular date because it reports a company s financial position at a point in time. The balance sheet in Exhibit 2-2 presents Microsoft s financial position as of June 30, 1999. f36 Part 1 Financial Reporting and the Accounting Cycle exhibit 2-2 Financial Statements: An Overview Simplified Balance Sheet for Microsoft Microsoft Corporation Balance Sheet June 30, 1999 (amounts in millions) Assets Cash and short-term investments Accounts receivable Other current assets Property, plant, and equipment Equity and other investments Other assets Total assets $17,236 2,245 752 1,611 14,372 940 $37,156 Liabilities Accounts payable Accrued compensation Income taxes payable Unearned revenue Other current liabilities Long-term loans Total liabilities $00,874 396 1,607 4,239 1,602 0 $08,718 Owners Equity Capital stock Retained earnings $14,824 13,614 Total liabilities and owners equity $37,156 As illustrated, the balance sheet is divided into the three major sections we have described: assets, liabilities, and owners equity.