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accounting notes.docx

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Department
Economics
Course
ECON 1010
Professor
Steven Edwards
Semester
Winter

Description
Module 1 notes 1In determining net income RevenueExpenses on the accrual basis revenue is recognized when earned rather than when cash is collected and expenses are recognized when goods and services are used rather than when they are paid for 2Owners equity can be increased by contributions from owners and by revenue It can be decreased by withdrawals and expenses Only revenue and expenses are used in determining net income 3Fundamental concepts underlying the accounting process include the following Accounting entityeach business venture is a separate unit accounted for separately Historical costassets are reported at acquisition prices and are not adjusted upward Objectivitywhere possible recording of transactions should be supported by verifiable evidence Going concernthe assumption is made in accounting that a business will continue indefinitely Measuring unitconventional accounting statements are expressed in money amounts unadjusted for changes in the value of the dollar Key terms used in this chapter which you should be comfortable with include accounting managerial accounting financial accounting generally accepted accounting
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