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| Be An Information Carrier |
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| Assets, Liabilities, Owner's Equity |
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| Journals, T-accounts, Income statment, Owner's Equity, Balance Sheet |
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| Prepare an adjusted trial balance |
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| Prepare adjusting journal entries |
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| Prepare adjusted trial balance |
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| Prepare post-closing trial balance |
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| After eating dinner, let's read comics |
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| Knowledge, Understanding, Instruction, Discernment, Obedience |
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| Critical thinking, Cumulative Learning |
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| Bills -> paid in advance for expenses that will be incurred -> asset |
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| Dollars received from customers in advance of services-> liability |
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| Obligations to pay for a good/service |
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| allocation of cost of a long term asset |
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| organization which are assembled and processed to provide goods or services to customers |
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| information system that provides reports to users about economic activities and condition of a business |
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| moral principles that guide the conduct of individuals |
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| SOX (Sarbanes-Oxley Act of 2002) |
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| established a new oversight body for accounting profession |
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| PCAOB (Public Company Accounting Oversight Board) |
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| Accounting profession established by SOX |
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| CPA (Certified Public Accountants) |
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| perform general accounting, audit, or tax services |
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| SEC (Securities and Exchange Commission) |
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| U.S. government agency that has authority over the accounting and financial disclosures for companies. |
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| IASB (International Accounting Standards Board) |
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| Generally accepted accounting principles that was adopted by this... |
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| FASB (Financial Accounting Standards Board) |
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| primary responsibility for developing accounting principles |
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| initially recorded in the accounting records at their cost or purchase price |
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| Group of accounts for a business entity |
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| Process of transferring the debits and credits from the journal entries to the accounts |
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| this occurs when the order of the digits is copied incorrectly |
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| the entire number is copied incorrectly one or more spaces to the right or left |
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| the amount of each item on a current financial statement is compared with the same item on an earlier statement |
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| analysis and updating of accounts at the end of the period before the financial statements are prepared |
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