Loma 308 test - Study guides, Class notes & Summaries

LOMA 308 Test with Complete Solutions Graded A+ Basic accounting equation - Answer-An equation which states that a company's assets equal the sum of its liabilities and its capital and surplus Generally Accepted Accounting Principles (GAAP) - Answer-A set of financial accounting standards, conventions and rules that stock insurance companies follow when summarizing transactions and preparing financial statements Statutory accounting principles (SAP) - Answer-Accounting standards that all...