The Nature of Liabilities Defined as debts or obligations arising from past transactions or events. Maturity 1 year or less Maturity 1 year Current

Reporting the Results of Operations Information about net income is used by investors, creditors, and other financial statement users. Normal, recurring Unusual, nonrecurring revenue and expense events that affect transactions

Why Businesses Incorporate Stockholders have no personal liability. Transferability of Privately, or ownership. Closely Held Professional management

Plant assets Long-lived assets acquired for use in business operations. Similar to long-term prepaid expenses 田 As years pass, and the The cost of plant assets is services are used, the the advance purchase of cost is transferred to services。 depreciation expense Irwin/McGraw-hill

Inventory Defined Inventory Goods owned and Current held for sale to asset customers Irwin/McGraw-hill

How Much Cash Should a business Have? Every business needs enough cash to pay its bills! Irwin/McGraw-Hill ?The McGraw-Hill Companies, Inc

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