Term
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Definition
| describe transactions and events entering the accounting process |
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Term
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Definition
| a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item |
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Term
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Definition
| record containing all accounts used by a company |
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Term
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Definition
resources owned or controlled by a company that are going to have future value to them.
cash, accounts recievable, note receivable, prepaid accounts,supplies, equipment, buildings, land |
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Term
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Definition
| individuals and organizations that have rights to receive payments from a company. |
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Term
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Definition
claims by creditors against assets which means they are obligations to transfer assets or provide products or services to others.
acc payable, note payable,
unearned revenue- refers to a liability that is settled in the future when a company delivers its product or services. |
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Term
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Definition
the owners claim on a companys assets
common stock, dividends, |
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Term
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Definition
| account used in recording asset distributions to stockholders, apart of equity |
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Term
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Definition
requires that at least 2 accounts are involved with at least one debit and one credit.
the total amount debited must equal the total amount credited.
the accounting equation must not be violated! |
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Term
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Definition
| the process of transferring journal entry info to the ledger |
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Term
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Definition
| revenues earned in a period that are both unrecorded and not yet received in cash |
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Term
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Definition
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Term
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Definition
| all things below dividends. add revenues and expenses together to get your net income!!! |
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Term
| statement of retained earnings |
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Definition
start with December 1st (0$)
net income-
cash dividends
retained earnings on december 31st |
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Term
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Definition
list out all:
assets (get total amount to compare)
liabilities
equity(DO NOT FORGET STMT OF RETAINED EARNINGS!!!!!) (add liabilities and equity together balence account) |
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Term
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Definition
| time span from when cash is used to acquire goods and services until cash is received from sale of that good or service |
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Term
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Definition
debit for increases
credit for decreases |
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Term
| liabilities (debit or credit) |
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Definition
debit for decreases
credit for increases |
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Term
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Definition
debit for decreases
credit for increases |
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