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Efefred - CORe - HBX FA (73)(solved & updated)
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Efefred - CORe - HBX FA (73)(solved & updated)
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Efefred - CORe -HBX FA (73)
(solved &
updated)
what's the accounting equation? - answer
assets = liabilities + oe
what are assets? - answer a business'
resources
how are assets funded? - answer liabilities
and oe
what is owner's equity? - answer
contributions from owners of the business
, revenue is the ... that a business generates
by providing customers with goods or
services - answer value
is revenue an asset or oe? - answer oe
the matching principle requires that a
company match its ... to related ... in that
same accounting period - answer expenses,
revenues
according to the realization principle,
revenue is recognized when it is ... and ...,
not necessarily when ... is received - answer
earned, realizable, cash
if a consumer pays you in credit, you increase
which 2 accounts? - answer A/R, oe
if a customer pays you in advance, this is
known as ... . - answer deferred revenue
when you receive deferred revenue, which 2
accounts increase first, and then what
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