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| Assets=Liabilities+Owners Equity |
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| What does GAAP stand for? |
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| Generally Accepted Accounting Principles |
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| The costs incurred in that period should be matched against the revenue generated in the same period. |
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| What is on the right side of the General Ledger? |
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| What is on the Left side of the General Journal? |
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| Cash Method of Accounting |
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| An accounting event is recorded only when cash is recieved. |
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| Accrued Method of Accounting |
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| An event is recorded when the work is preformed. |
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