Can you answer all these simple questions about basic arithmetic? Let's prove yourself now!
satisfy the need for full disclosure of all the facts relevant to a company's results and financial position.
Income Statement.
operating, financing, and investing.
Credit
A debit
operating, financing, and investing.
Income Statement.
satisfy the need for full disclosure of all the facts relevant to a company's results and financial position.
Stockholders
Assets = Liabilities + Owners' Equity
Provide information for decision making
FASB (Financial Accounting Standards Board).
$15,000.
$139,000.
satisfy the need for full disclosure of all the facts relevant to a company's results and financial position.
Income Statement.
Provide information for decision making
to those willing to spend the time to understand it.
Accounts receivable
Relevant
Subscriptions Received in Advance, $1,200; Magazine Revenue, $3,800.
Meal is served
Cash receipts and payments occur before or after the point in time when revenues and expenses should be recognized under the accrual basis of accounting
$25,700.
Accounts receivable; accounts payable
Objective; verifiable.
A double-entry system
A list of accounts and their balances (used to prove the equality of debits and credits).
current assets minus current liabilities.
to those willing to spend the time to understand it.
Relevant
Accounts receivable
$139,000.
$15,000.
Accounts receivable
to those willing to spend the time to understand it.
Meal is served.
Objective; verifiable.
cash receipts and payments occur before or after the point in time when revenues and expenses should be recognized under the accrual basis of accounting.
Accounts receivable; accounts payable
Income Statement.
Accounts receivable
$139,000.
satisfy the need for full disclosure of all the facts relevant to a company's results and financial position.
operating, financing, and investing.
Accounts receivable
Building a manufacturing plant
Income Statement.
$139,000.
current assets minus current liabilities.
$15,000.
to those willing to spend the time to understand it.
to those willing to spend the time to understand it.
Assets increase and owners' equity increases
$15,000.
$139,000.
Stockholders
Factory managers supervising production line workers for Westinghouse
Assets = Liabilities + Owners' Equity
FASB (Financial Accounting Standards Board).
Provide information for decision making
Factory managers supervising production line workers for Westinghouse
Stockholders
Assets = Liabilities + Owners' Equity
to those willing to spend the time to understand it.
Relevant
Accounts receivable
Provide information for decision making
Accounts receivable; accounts payable
Journalizing
A double-entry system
operating, financing, and investing.
A double-entry system
Journalizing
A list of accounts and their balances (used to prove the equality of debits and credits).
Accounts receivable; accounts payable
Objective; verifiable.
A list of accounts and their balances (used to prove the equality of debits and credits).
Accounts receivable; accounts payable
earned; when the costs are incurred.
Factory managers supervising production line workers for Westinghouse
Provide information for decision making
to those willing to spend the time to understand it.
Assets increase and owners' equity increases
Factory managers supervising production line workers for Westinghouse
Stockholders
FASB (Financial Accounting Standards Board).
Assets = Liabilities + Owners' Equity
Selling stock to investors
Building a manufacturing plant
Assets increase and owners' equity increases
Assets increase and owners' equity increases
Accounts receivable; accounts payable
Objective; verifiable.
cash receipts and payments occur before or after the point in time when revenues and expenses should be recognized under the accrual basis of accounting.
Earned; when the costs are incurred
Subscriptions Received in Advance, $1,200; Magazine Revenue, $3,800
$25,700.
Cash receipts and payments occur before or after the point in time when revenues and expenses should be recognized under the accrual basis of accounting.
meal is served.
to those willing to spend the time to understand it.
Relevant
Provide information for decision making
Factory managers supervising production line workers for Westinghouse
Selling product for cash
Assets increase and owners' equity increases
Building a manufacturing plant
A debit
Meal is served.
$2,100
Agencies
Cash receipts and payments occur before or after the point in time when revenues and expenses should be recognized under the accrual basis of accounting.
Income Statement.
Selling stock to investors
satisfy the need for full disclosure of all the facts relevant to a company's results and financial position.
Building a manufacturing plant
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