Accounting Chapter 9

Accounting equation – Asset=liability+owner's equity
SEC – Securities & Exchange Commission – congress set reporting rules for selling common stock
Unearned rent revenue – Balance Sheet
Current Liab.
monetary unity assumption – assumes money will remain the same
Long term assets – Not used up in a year.
amortization journal entry – operating expense:
amortization expense
Adjusting: Bad debt expense (debit) – Allowance for doubtful accounts (credit) *decreases net income and SE
Any biologically active substance that is foreign to the body and is deliberately introduced to affect its functioning is called:
Bank Statement. – An itemized listing prepared by the bank of additions to and subractions from a depositor's account.
purchases discount – a cash discount on purchases taken by a customer
Asset Accounts – What the business owns
Materiality – Information is material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements
Any biоlоgicаlly аctive substаnce that is fоreign to the body and is deliberately introduced to affect its functioning is called:
If a corporation wanted to achieve large amounts of long-term capital should they issue bonds or sell common stocks? – issue bonds

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