Balance Sheet Consists of - Answer✔️✔️-Assets, liabilities, and owner's equity
Balance Sheet - Answer✔️✔️-Is a statement of the balances within all of the assets,
liabilities, and owner's equity summary accounts
Fundamental Accounting Equation - Answer✔️✔️-Provides demonstration of the balance
that is required between the assets, liabilities, and owner's equity summary accounts
GAAP - Answer✔️✔️-Generally Accepted Accounting Principles. Common set of
accounting principles standards, and procedures. Codified by the Financial Accounting
Standards Board
International Financial Reporting Standartds - Answer✔️✔️-Established and maintained
by the International Accounting Standards Board. Used by many multinational
companies in the US and Canada.
Internal Reporting - Answer✔️✔️-Numerous activities must be monitored and reported to
properly mange real property such as: tenant collections, vendor payments, and
monthly operating results.
External Reporting - Answer✔️✔️-Income Statement
Balance Sheet
Cash Flow Statement
Cash Flow Statement - Answer✔️✔️-Describes the changes in cash from one period to
the next
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