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Financial Statements Accounting
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An information system that measures business activity and processes data into reports. Used by accountants to communicate results to people.
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Financial Accounting Management Accounting
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Primarily provides information for internal users (i.e. managers within a firm). Primarily provides information for external users (i.e. individuals, investors and creditors, taxing authorities, and the government).
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Partnership Sole Proprietorship
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One owner who is personally liable for debts. Two or more owners who are all personally liable for debts.
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Generally Accepted Accounting Principles Corporation
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Many owners (stockholders) who are not liable for debts. GAAP
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Financial Reporting GAAP
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Rules that govern accounting. Primary objective to provide information that is useful for investment and lending decisions.
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Assets = Liabilities + Owner’s Equity (Historical) Cost Principle
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Assets and services are recorded at historical cost. Accounting Equation
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Inventory Accounts Receivable (A/R)
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A promise of future collection of cash. Goods purchased by a company for resale.
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Prepaid Expenses Supplies
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Short-term assets used or consumed by a company. Expenses paid for in advance.
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Notes Payable Accounts Payable (A/P)
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Liability backed by the reputation of the seller (generally short-term). Written promise to pay a debt at a future date (generally long-term).
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Unearned Revenue Accrued Liability
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Liability for an expense not yet paid. Collection of cash from customers prior to earning the revenue.
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Retained Earnings Paid-In-Capital
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The amount invested in the corporation by the stockholders (includes Common Stock). The amount earned by the organization and kept for use in the business.
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Revenues Retained Earnings
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Expenses, and Dividends. Represent increases in
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Exam1 - Flashcards - The flashcards are formatted for...

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