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10 Cards in this Set

  • Front
  • Back

Items Closed to Income Summary

- revenue (credit)


-expenses (debit)

Depreciation

the systematic reduction in the recorded cost of a fixed asset

Balance Sheet

-a financial statement


-lists types and amounts of assets, liability, and equity

Net Income

Revenues - expenses

Fraud Triangle

1. Opportunity


2. Pressure


3. Rationalization

Last 4 Steps of the Accounting Cycle

6. preparing the adjusted trial balance


7. preparing financial statements


8. recording closing


9. adjusting entries

What is a balance sheet?

Reports the financial position of a company any point in time

Balance sheet

The financial statement that summarizes the changes in retained earnings

Depreciation Value

The difference between the cost of an asset and the accumulated depreciation for that asset

Sole Proprietorship Advantages

Unlimited liability and separate taxation of the business