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8-29-11 - Liabilities A/P Notes Payable Taxes payable...

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Chapter 2 Monday, August 29, 2011 8:09 AM Accounting Misstatements: Errors (accidental), Fraud (intentional) Materiality: The importance of a piece of information. How much does it matter? Uncertainty: Contingent liabilities (pending lawsuits, etc) U.S. - GAAP (Generally accepted accounting principles) - The Accountant's Bible IFRS - International Financial Reporting Standards (US not a member) FASB-Financial Accounting Standings Board-7 individuals in Connecticut SEC - Securities and Exchange Commission Assets: Cash, A/R, Inventory, Land, Buildings, Machinery/Equipment, Patents/Copyrights, Goodwill
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Unformatted text preview: Liabilities: A/P, Notes Payable, Taxes payable, salaries payable, Unearned Rent, Bonds payable, Revenue: Sales Revenue, Interest revenue, rent revenue, dues revenue, gain Expenses: Cost of Goods sold, depreciation expense, rent expense, interest expense, loss Net Assets: Total Assets - Total Liabilities = Owner Equity Revenues Occur by: Increase in assets, decrease in liabilities Expenses Occur by: Decrease in assets, increase in liabilities Permanent Accounts: Assets, Liabilities, Owner's Equity Temporary Accounts: Revenues, Expenses...
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