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Accounting (74)
ACTG 1P91 (12)
Chapter 2

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Department
Accounting
Course
ACTG 1P91
Professor
Sohyung Kim
Semester
Fall

Description
Accounting 1P91 Ch.2 Balance Sheet 1. Assumptions Behind Financial Statements 1.1 Stable Monetary Unit Assumption - Accountants assume that the unit of measure has a stable value over time 1.2 Going Concern Assumption - Businesses are assumed to continue to operate into foreseeable future 2. Balance Sheet Revisit Luxury for Dogs Co. Balance Sheet As of 12/31/2012 Assets Liabilities Total Liabilities Shareholders Equity Contributed Capital Retained Earnings Total Shareholders Equity Total Assets Total Liabilities and Shareholders Equity Accounting Equation: Assets = Liabilities + Shareholders Equity 3. Definitions - Assets: An economic resource that provides future benefits. - Current Assets: Benefits come within a year (Ex. Accounts Receivable, an asset created by selling products or services on credit - Long- Term Assets: Benefits extend beyond a year - Inventory: An asset purchased for resale - Liabilities: An economic obligation that requires future sacrifice - Current Liabilities: Obligation due within a year (Ex. Accounts Payable, a liability created by buying products or services on credit) - Long-Term Liabilities: Obligation due beyond a yea
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