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Accountinggg

QuestionAnswer
Business Entity Concept business finances kept seperate from owners finances and other businesses
Reliability Principle (objectivity) Information is based on Independent, unbiased evidence. Balance in cash is supported by a bank statement
Cost Principle Assets and services are recorded at cost (historical cost); what we actually paid them for - not market value or appraised value
revenue recognition principle record revenue when it is earned, regardless of when cash is recieved
sole proprietorship: disadvantages? a business with a single owner, unlimited liability
Partnership: advantages or disadvantages? a business with two or more owners, limited liability, income divided how they choose
Corporation; advantages or disadvantages? A business owned by stockholders that is an entity legally separate from its owners. Double taxation, limited liability
GAAP generally accepted accounting principles, all financial accounting must follow
FASB financial accounting standards board, US does not follow
Transaction analysis transactions are recorded using the accounting equation
ethics refers to the principles of right behavior that guide decision making
Created by: jessicaitchue
Popular Accounting sets

 

 



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