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8 Cards in this Set
- Front
- Back
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What are some characteristics of a corporation? |
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What is the Retained Earnings Calculation? |
Beginning retained Earnings +net income - Dividends
= Retained Earnings |
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What are the 3 normal credits in the accounting equation? |
Liabilities Common Stock and Revenues |
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What are the 3 normal debits in the accounting equation? |
Assets Expenses Dividends |
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What does the SEC do? |
regulates the interstate sale of stocks and bonds
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What does FASB do? |
sets principles for accounting practices (established GAAP) |
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What is Materiality? |
it allows a firm to expense the cost of small assets such as tools, office equipment, etc. but the amount is immaterial (NOT the cost, more like what it is to the company) |
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How are assets recorded? |
at Cost |
