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Key Accounting Principles fully solved
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Key Accounting Principles fully solved
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Key Accounting Principles fully solvedAccounting - answer accurately measures all the financial activities of an individual or a
business.
accounting cycle - answer The steps repeated each reporting period for the purpose of
preparing financial statements for users.
Accounting Equation - answer The logic of the double entry is based ont his equation: Assets =
Liabilities + Net Worth
Accounting Ethics - answer A high standard of behavior (honesty and fairness) that all
accountants are expected to follow.
Accounts Payable - answer The amount the business has been billed but has yet to pay. This is
the money the business owes to it suppliers from whom it has purchased goods or services.
Accounting Periods - answer The length of time covered by financial statements and other
reports; also called reporting periods.
Accounts Receivable - answer The amount that is billed to customers and owing from them but
has not yet been collected
Accounts Receivable Turnover - answer Measures the number of times in a year the company
collects it accounts receivable.
Accruals - answer Relates to new worth, which does not necessarily connect to cash flow.
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