Term
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Definition
| Generally Accepted Acc. Principles-Rules accountants follow. |
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Definition
| Security Exchange Commission |
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Definition
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Definition
| Assets=Liab. + Stock Equity |
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Definition
| Revenue, Net Income, Retained Earnings and Common Stock |
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| Acc. Rec. is collected... |
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Definition
| Cash(Debit) Acc. Rev. (Credit) |
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Term
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Definition
| Dividends(Debit) Cash(Credit) |
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| Compute Retained Earnings |
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Definition
| Beg. Retained Earnings+Revenue-Expenses |
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Term
| What does a Balance Sheet show? |
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Definition
| Assets, Liabilities and Stock. Equity |
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Term
| Financial Statement not covering a period of time... |
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Definition
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Term
| Right side of account is called? |
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Definition
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Term
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Definition
| Represents a general ledger account |
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| Normal balance of Assets, Dividends and Expenses |
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Definition
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| Normal balance of Common Stock, Liabilities, Revenue, Retained Earnings |
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Definition
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Term
| Record the purchase of Supplies on account... |
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Definition
| Supplies (Debit), Acc. Payable (Credit) |
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Term
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Definition
| Debits and Credits MUST equal |
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Term
| What is the sequence of recording? |
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Definition
| Analyze, Journalize, Post |
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Term
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Definition
| Book of Original Entries. Chronological with both the give and get. |
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Term
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Definition
| Adjusting entries area must for all to make sense |
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Term
| What is the Revenue Recognition Principle? |
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Definition
| Revenue is recognized when it is EARNED |
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Term
| When is revenue earned in a service business? |
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Definition
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Term
| What are the two classifications of adjusting entries? |
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