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10 Cards in this Set
- Front
- Back
Items Closed to Income Summary |
- revenue (credit) -expenses (debit) |
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Depreciation |
the systematic reduction in the recorded cost of a fixed asset
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Balance Sheet |
-a financial statement -lists types and amounts of assets, liability, and equity |
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Net Income |
Revenues - expenses |
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Fraud Triangle |
1. Opportunity 2. Pressure 3. Rationalization |
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Last 4 Steps of the Accounting Cycle |
6. preparing the adjusted trial balance 7. preparing financial statements 8. recording closing 9. adjusting entries |
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What is a balance sheet? |
Reports the financial position of a company any point in time |
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Balance sheet |
The financial statement that summarizes the changes in retained earnings
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Depreciation Value |
The difference between the cost of an asset and the accumulated depreciation for that asset |
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Sole Proprietorship Advantages |
Unlimited liability and separate taxation of the business
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