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Summary The accounting game_Mullis, D._Open book exam HU $8.72   Add to cart
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Summary The accounting game_Mullis, D._Open book exam HU
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  • Course
  • New Business Models
  • Institution
  • Hogeschool Utrecht (HU)
  • Book
  • The Accounting Game

This summary can be used in combination with the book during exams. The summary is made to include all the most important things said in the book accompanied by important things taught by the lecturer.

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  • No
  • Unknown
  • September 28, 2022
  • 3
  • 2022/2023
  • Summary

Subjects

  • accounting game
  • lemonade stand
  • liquid
  • assets
  • money
  • business
  • accounting

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  • Hogeschool Utrecht (HU)
  • Creative Business
  • New Business Models
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The accounting game summary

Chapter 1:

Liabilities: what you owe others

Owners equity: what is yours

Assets: what we have (owners equity + liabilities)

Inventory: raw materials, goods in process, and finished goods (considered assets)

Notes payable: loans (payments with structures, contracts)

Accounts payable: something you pay each month (supplier)



Gross profit = sales – costs of goods sold



Sales $25

Costs of goods sold $10

Gross profit $15

Gross profit adds up to the owners equity

Profit indicates left over money after all expenses have been paid



Chapter 2:

Income statement: where money comes and goes

Costs of goods sold: our products

Sales: how income is generated

Gross profit = sales – costs of goods

Net profit: actual profit (also referred to as the bottom line)

Sales Sales $25
-Cost of goods sold (COGS) -COGS $10
= gross profit =gross profit $15
-Expenses -expenses $5
= net profit = net profit $10


Accounting period: the time in which the income statement takes place

General ledger: software or machine which keeps track of everything that happens

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