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Chapter 1

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ACC 100
Vikraman Baskaran

Chapter 1 Economic Entity Concept: The assumption that a single ,identifiable unit must be accounted for in all situations. Corporation: A form of entity organized under the laws of a particular province or the federal governments. Non-business Entity: organization operated for some purpose other than to earn profit. Creditor: someone to whom a company or person has a debt. Asset: A future economic benefit to an organization. Revenue: Inflows of assets resulting from the sales of products and services. Expense: Outflows of assets resulting from the sale of goods and services. Accounting: The process of identifying, measuring, and communicating economic information to various users. Owner's Equity: The owners claims on the assets of an entity. Shareholder's Equity: The owners equity in a corporation. Retained Earnings: part of owner's equity that represents the income earned less dividends paid over the life of an entity. Balance Sheet: The financial statement that summarizes the assets, liabilities, and owner's equity at a specific point in time. Income Statement: A statement that summarizes revenues and expenses. Dividends: A distribution of the net income of a business to its owners. Statement of Retained Earnings: The statement that summarizes the income earned and dividends paid over the life of a business. Cost Principal: Assets are recorded at the cost to acquire them. Going Concern: The assumption that an entity is not in the process of liquidation and that it will continue indefinitely. Chapter 2 Depreciation: The process of allocating the cost of a long-term asset over its useful life ( amortization). Operating Cycle: The period of time between the purchase of inven
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