ACC 310F Lecture Notes - Lecture 5: Accounts Receivable, Income Statement, General Ledger

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23 Apr 2018
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Unit 5: the recording process, intro, the accounting cycle, the process by which a company records all of the company"s economic activity in the accounting system and prepares financial statements. (1) there are 9 steps. Owner"s equity + revenue - expense: accounting equation ^, must stay equal, difference between accounting and bookkeeping (1) accounting is the measure of liabilities, assets, revenue, and expenses (2) bookkeeping is the recording of the above. A/l/oe/e (a) firm wants to know the revenue from all of their stores. (i) Firm probably doesn"t want people knowing what"s doing good/bad plus it"s just overwhelming amount of info. If on the x or assets side, an increase is debit while a decrease is credit. If on y or liability/oe side, an increase is credit while a decrease is debit. If a company borrows the assets will have a debit of but the liabilities will have a credit of .

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