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account 6 and 7

accounting flash cards for chapters 6 and 7

QuestionAnswer
A financial statement that reports assets,liabilities, and owner;s equity on a specfic date. balance sheet
The difference between total revenue and total expenses when total revner is great. Net Income
Any persons or groups who will be affected by an action. stakeholders
capital account balance + net income - drawing account balance = current capital
capital account balance - net loss - drawing account balance = current capital
Created by: allisonburchart
Popular Accounting sets

 

 



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