Study Guide Ch 3 - 2002.)- Gains And Losses • Gains are...

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Things To Study In CH. 3 - Accounting Equation and how Transactions Affect the Accounting Equation (Deferrals Are Added): - Prepare Financial Statements (Now Includes Cash, Accrual, And Deferral Events): Deferral is when recognition comes after cash is exchanged. (Ex. Cash collected in 2001 for service it will provide 2002, revenue recognized in
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Unformatted text preview: 2002.)- Gains And Losses • Gains are increases in assets or decreases in liabilities that result from peripheral or incidental transactions. • Losses are decreases in assets or increases in liabilities that result from peripheral or incidental transactions....
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This note was uploaded on 10/03/2011 for the course BUS 222 taught by Professor Jennings during the Spring '07 term at University of Maine Orono .

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