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6 Cards in this Set
- Front
- Back
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Liability |
Any claim held against a asset. (Accounts payable, bills, salaries, etc)owners |
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Owners equity, residual equity, stockholders equity |
Ownership claim on all of the assets |
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Owners equity includes |
Owners Capital, owners drawings, revenues, expenses |
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3 accounting activities |
Identifies, records, and communicate |
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Users of financial info |
Internal External (creditors/investors |
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2 basic accounting assumptions |
Monetary unit Economic entity |
