ACC 300 Week 2 Assignment

ACC 300 Week 2 Assignment - stock. It includes the par...

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Define the following: Asset: Any item of economic value owned by an individual or corporation Current asset: resources that your business will use up or turn into cash within the next 12 months Liability: Existing debt or obligation of a company Current liability: Current liabilities are those obligations that will be paid within the next year. Contributed capital: the amount of value received by the corporation when it issues its
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Unformatted text preview: stock. It includes the par value and any amount received in excess of the par value. Retained earnings: amount of net income a corporation has earned since it began in business that has not been distributed as dividends to its stockholders. What is the basic accounting equation? Assets = Liabilities + Shareholders or Owners equity...
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This note was uploaded on 05/24/2008 for the course ACC 300 taught by Professor King during the Spring '08 term at University of Phoenix.

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