Chapter_1_Key_Terms_and_Concepts

Chapter_1_Key_Terms_and_Concepts - Business Entity Concept...

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Chapter 1 Key Terms and Concepts The three types of businesses: 1) Manufacturing 2) Merchandising 3) Service Three types of business organizations 1) Sole proprietorship 2) Partnership 3) Corporation Business Stakeholders The profession of accounting: 1) Financial Accounting vs. Managerial Accounting 2) Private Accounting vs. Public Accounting 3) Certifications: a) Certified Management Accountant (CMA) b) Certified Public Accountant (CPA) 1) Regulatory Agencies Generally Accepted Accounting Principles (GAAP):
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Unformatted text preview: Business Entity Concept Cost Concept Objectivity Concept Unit of Measure Concept Types of accounts on Balance Sheet 1) Assets 2) Liabilities 3) Equity Types of accounts on Income statement 1) Revenues 2) Expenses Basic Accounting Equation: Assets = Liabilities + Stockholders Equity Four Financial Statements (and order) 1) Income Statement 2) Statement of Retained earnings 3) Balance Sheet 4) Statement of Cash Flows...
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