Assetsliabilities - Study guides, Class notes & Summaries

Accounting - Answer ID, records, communicates economic events of an org to interested internal/external users GAAP - Answer Standards accepted/universally practiced that indicate how to report economic events historical cost principle - Answer companies record assets at their cost fair value principle - Answer assets/liabilities should be reported at fair value (the price received to sell an asset/settle a liability) monetary unit assumption - Answer companies include ...

Accounting Equation - Answer-Assets=Liabilities+ Owners' Equity Equality of Assets= Claims of Creditors+ Claims of Owners Reason why we call it a "Balance" Sheet. Always equal because they represent two views of the same business. Everything a business owns has been supplied to it either by the creditors or the owners Accrual - Answer-Example-Interest Expense, Wages (or Salaries) Expense, Uncollected Revenue. To grow or accumulate overtime. Accrual Accounting - Answer-Calls for...

MORTUARY MANAGEMENT A business that buys finished products and resells them to customers - Answer- Merchandising Business The Major forms of business organizations - Answer- Sole proprietorship Partnership Corporation Limited Liability Company The language of business that gives evidence for the decision maker - Answer- Accounting _________________ is a part of accounting - Answer- Bookkeeping A group of accounts that records data from business transactions - Answer- Ledger ...