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Chapter 4

ACC 100 Chapter 4 Notes.docx

2 Pages
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Department
Accounting
Course Code
ACC 100
Professor
Walter Krystia

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Description
ACC 100 Chapter 4 Notes Recognition and Measurement in Financial StatementsRecognition the process of including an item in the financial statements of an entityMeasurement o The attribute to be measuredHistorical Cost the amount paid for an asset and used as a basis for recognizing it on the balance sheet and carrying it on later balance sheetsRealizable Value the amount of cash or its equivalent that could be received by selling an asset currently o Unit of MeasureThe yardstick we currently use is units of moneyMoney is something accepted as a medium of exchange or as a means of payment Accrual and Cash Basis of AccountingCash Basis a system of accounting in which revenues are recognized when cash is received and expenses when cash is paidAccrual Basis a system of accounting in which revenues are recognized when earned and expenses when incurred Accrual Accounting and Adjusting EntriesAdjusting Entri
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