Accounting - Accounting-an information and measurement...

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Accounting-an information and measurement system that identifies, records, and communicates relevant reliable and comparable information about an organizations business activities. Accounting equation-assets=liability+equity Assets= cash , anything that’s valuable to a company Balance Sheet=types and amounts of assets liability’s and equity at a point in time Business Entity Principle=that a business is accounted for separately from other business entities including its owner Cost Principle=accounting information is based on actual cost Equity=the owner’s claim on assets Ethics=are beliefs that distinguish right from wrong Expanded Accounting Equation=assets =liabilities +owner capitol –owner withdrawals +revenues - expenses Expenses=decrease equity and are the cost of assets or services used to earn revenues Financial Accounting= area of accounting aimed at serving external users by providing them with financial statements Generally Excepted Accounting Principles=GAAP concepts and rules used to govern the
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This note was uploaded on 06/07/2011 for the course ACC 201 taught by Professor Tyler during the Spring '09 term at Guilford Tech.

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Accounting - Accounting-an information and measurement...

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