101 Understanding The Accounting Equation, Debit And Credits

Corporation – An incorporated entity that issues shares of stock as evidence of ownership.
useful life – the estimated life of a fixed asset
Long Term Assets – Assets that are expected to be used in business operations for longer than one year.
Current Liabilities – Are obligations that will be settle by providing cash, goods, or services within the coming year.
Unearned Revenue – 1. Liability
2. Balance Sheet
3. Credit
4. Permanent
separate entity assumption – states that a business's activities are accounted separately from those of its owners.
Which of the following facilitated communication between China, Vietnam, and Japan?
List the two main circumstances when a potential component unit (PCU) should be included as part of the governmental financial reporting entity – 1) The primary government board appoints a majority of the PCU's governing board
2) The primary government may impose its will on the PCU
provisionar – to set up a provision
Accouting system – A planned process for providing financial information that will be useful to managment
Which оf the fоllоwing fаcilitаted communicаtion between China, Vietnam, and Japan?
Admin Expense – Secretary to the company president

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