ACT 3900 Lecture Notes - Lecture 3: Independent Contractor, Bookkeeping, Gross Margin

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25 Oct 2017
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Account a device for recording the changes (increases or decreases) in the fundamental accounting elements. Accountant one who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports. Account balance the difference between the total debits and the total credits in an account. Accounting a language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial data. Accounting cycle the process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting and closing entries, and preparing a postclosing trial balance. Accounting equation assets equal liabilities plus owner"s equity. Accounts payable an unwritten promise to pay creditors for property, such as merchandise, supplies, or equipment, purchased on credit, or for services received on credit.

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