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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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- Spring '08