Income Stmt Trans
| Description: | Parson - Chp 5 |
| Category: | Accounting |
| Created by: | yparson on 2009-09-01 |
| Question | Answer |
| Temporary Capital Accounts | accounts used to collect information for a single accounting period, i.e. Revenue, expense and withdrawals. |
| Permanent accounts | are continuous from one accounting period to the next; balances are carried forward to the next period. |
| Revenue recognition | Accounting principle that states that revenue should be recognized on the date earned, even if cash has not been received. |
| Asset | Anything of value owned by a company |
| Liabilities | Money owed to a creditor by a company. |
| Capital | Owner's investment in the assets of the company. |
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