Financial Accounting Ch 1 Dj

establishment of responsibility – person knows what they need to do
Balance Sheet – list of assets, liabilities, and owners equity as of a specific date
Balance Sheet – Reports:
1. What the company has and uses to operate the business; called assets
2. What the company owes; called liabilities
3. The amount of the company owned by the owners; called stockholders' equity.
All amounts reported are CUMULATIVE of a specific date.
Allowance for Doubtful Accounts – …Is a Credit balance account.
Scrap value – That portion of a plant assets original cost that cannot be depreciated is called
What are the 3 balance sheet accounts? – Assets, liabilities, and Owners Equity
corporation – A business organized under state or federal statutes as a separate legal entity.
During the Mesozoic, the supercontinent of Pangaea fragmented into
accounting standarts – muhasebe standartlar─▒
management accounting – information is designed to meet the specific needs of a company management
During the Mesоzоic, the supercоntinent of Pаngаeа fragmented into
Income statement – describes a companies revenues and expenses along with the resulting net incomeor loss over a period of time due to earnings activities.

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