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Unformatted text preview: Journal: Where you record everything in one http://www.tuition.com.hk/dictionary/j.htm#Journal%28s%29 Assets: Anything of value owned by the company http://www.tuition.com.hk/dictionary/a.htm#Asset Liabilities: Are items that are owed by the organization http://www.tuition.com.hk/dictionary/l.htm#Liabilities Net assets: After adding the value and subtracting the liabilities, you get the total value. http://www.tuition.com.hk/dictionary/n.htm#Net_assets Accounts receivable: Money owed to the business. http://www.tuition.com.hk/dictionary/a.htm#Accounts_receivable Accounts payable: This is where the business would have to pay the money it owes out. http://www.tuition.com.hk/dictionary/a.htm#Accounts_payable Revenues: All sales and anything taxable is considered income for the business. http://www.accountz.com/glossary.html#...
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- Spring '10
- Generally Accepted Accounting Principles, Double-entry bookkeeping system, basic accounting formula, joint fiscal statements