Exam 1 Notecard.docx - CR CA/CL A=L SE End RE=NI-Div...

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CR: CA/CL A=L+SE End RE=NI-Div declaredNet INC=rev-exp Accrual: rev report when earned cash: rev rep when Received Fin statements: 1-Income (Net inc, rev, exp) 2-S of RE (how NI and dividends affect firm) 3-balance sheet (assets, liabilities, SE) 4- Statement of cash flows (op, fin, inv activities, cash in/ cash out) 3 business entities: sole props, partnerships, corps GAAP-rules of accounting created by FASB FASB- federal account. Standards board,has delegated authority from SEC (securities/exchange commission) with Legal authority. IASB- int. accounting standards board IFRS- int. financial reporting standards Cost PR- assets reported with actual cost to company rev recog PR- recognize revenue when earned
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  • Fall '15
  • Accounting, Balance Sheet, Dividends, Generally Accepted Accounting Principles, International Financial Reporting Standards, cash in/ cash, Cost PR- assets, rev recog PR, FASB- federal account

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