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Lecture 4

ACC 358 Lecture Notes - Lecture 4: Financial Statement, Accounting EquationExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
4

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Planning, recording, analyzing, and interpreting financial information.
accounting system
A planned process for providing financial information that will be useful to management
accounting records
Organized summaries of a business's financial activities
financial statements
Financial reports that summarize the financial condition and operations of a business
service business
a business that preforms an activity for a fee
proprietorship
A form of business organization with one owner who takes all the risks and all the profits
assets
Economic resources (things of value) owned by a firm.
equities
Financial rights to the assets of a business
liability
A debt; something disadvantageous
owners equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
accounting equation
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