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5 Cards in this Set
- Front
- Back
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Accounting
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The information system that measures business activities, processes that information into reports, and communicates the results to decision makers
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Account Payable
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A liability
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Account Receivable
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A promise to receive cash from customers to whom the business has sold goods or for whom the business has performed services
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Accounting Equation
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Measures the resources of the business and the claim to those resources: Assets = Liabilities + Owner's Equity
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Asset
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An economic resource that is expected to be of benefit in the future
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