accounting 201

The first outline is due at the beginning of the chapter and it is high level. For example, for the first outline it might look something like this (see pages 4-9 of the textbook; notice that I only use the major titles in the textbook):

· Accounting as a Measurement/Communication Process

· Defining Accounting

· Accounting is the language of business

· Measuring Business Activities

· Assets, Liabilities, and Stockholders’ Equity

· Revenues, Expenses and Dividends

· Dividends are not an Expense

· Communicating through Financial Statements

The second outline, due at the end of the chapter, it might look something like this (the words in red are items that I added to the first outline and this should be whatever you think is important for you to remember):

· Accounting as a Measurement/Communication Process

· Defining Accounting

· Accounting is the language of business

· Two functions

· accounting is a system of maintaining records of a company’s operations and

· communicating that information to decision makers.

· YOU MAY ADD WHATEVER INFORMATION THAT HELPS YOU.

·

· Measuring Business Activities

· Assets, Liabilities, and Stockholders’ Equity

· Assets are the resources of a company

· Inventory, supplies, buildings . . . . .

· Revenues, Expenses and Dividends

· Dividends are not an Expense

· Communicating through Financial Statements