Accounts

net profit – revenue exceeds expenses
Expense Recognition – ILLUSTRATION 2.6
General-purpose financial statements – Financial statements for common information needs, prepared and presented at least annually
list the 4 financial statements used by a business organization – cash flow statement
income statement
balance sheet
owners equity
T-account – A visual representation of a ledger account. The T-account is a tool used to analyze transactions.
Intangible Assets – Intangible: (C) Patents, Copyrights, Trademarks, Franchises
Intangible—Goodwill is generated through acquisition of another company; adjust balance each year based on fair market valuation analysis
The Consistency Principle – Business should apply the same accounting choices and methods year after year
Balance Sheet – Assets, Liabilities, Stockholders Equity
Non Current Assets – Long term assets, e.g. property, plant, equipment (Fixed assets).
For each of the following questions, provide a 1-2 paragraph response that fully answers the questions posed. Your responses will be graded for structure, grammar, and content.  13. Describe the characteristics of American Realism. In the process of doing so, provide a list of several American Realists that we have studied, and using one of their works as an illustration, provide specific examples of these characteristics.  
2/10 n/30 – 2% discount if paid in 10 days or the net amount (total) is due in 30 days
Callable Bonds – Bonds that may be retired prior to maturity at the option of the issuer.
Withdrawals – Assets taken from the business for the owners personal use
Fоr eаch оf the fоllowing questions, provide а 1-2 pаragraph response that fully answers the questions posed. Your responses will be graded for structure, grammar, and content.  13. Describe the characteristics of American Realism. In the process of doing so, provide a list of several American Realists that we have studied, and using one of their works as an illustration, provide specific examples of these characteristics.  
The worksheet is a type of – C. Working paper

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