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11 Cards in this Set
- Front
- Back
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Assets |
Things that you own which have money value |
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Liability |
Money owed to a person or business |
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Accounts receivable / Debtor |
A person/business that owes you money |
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Accounts Payable / Creditor |
A person/business that lends money |
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Fundamental Accounting Equation GAAP |
A-L=OE or A=L+OE |
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GAAP |
Generally Accepted Accounting Principles |
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Business Entity Concept |
GAAP concept that states personal affairs should be separated from business |
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Liquidity |
How fast an asset/item can turn into money |
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The Principle of Conservatism |
GAAP concept that states transactions should be reasonably recorded |
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The Continuing Concern Concept |
GAAP statement that states financial statements should be recorded assuming that the business is still running unless stated otherwise |
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Who looks at balance sheets |
Banks, Owners, Gov’t, Investors |
