ACC 240 Chapter 3 Notes - Accounting 240 Chapter 3 notes I...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Accounting 240 Chapter 3 notes I. Terms A. Operating (cash to cash) cycle:      is the time it takes for a company to pay cash to suppliers,  sell goods and services to customers, and collect cash from customers. B. Time Period Assumption:      indicates that the long life of a company can be reported in  shorter time periods. C. Operations 1. Revenues:      are increases in assets or settlements of liabilities from ongoing operations 2. Expenses:      are decreases in assets or increases in liabilities from ongoing operations  incurred to generate revenues during the period D. Non-operations 1. Gains:      are increases in assets or decreases in liabilities from peripheral transactions 2. Losses:      are decreases in assets or increases in liabilities from peripheral transactions  E. Cash Basis Accounting:      records revenues when cash is received and expenses when cash 
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern