MGAB01H3 Chapter Notes - Chapter 3: Accrual, Cash Cash, Asset

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13 Apr 2016
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MGAB01H3 Full Course Notes
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MGAB01H3 Full Course Notes
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Chapter 3 study quesions: the irst step of the operaing cycle would be to purchase the imported gits from asia. Then you would pay your suppliers in asia. Revenue is the cash gained from selling goods and services. Expenses are the costs incurred while running the business. Net earnings is the remainder of the cash let ater the cash from revenue is used to pay of expenses: a. All of the resources in earning revenues during a speciic period must be recognized in that same period, a matching of costs with beneits: shareholders" equity increases with revenues because revenues are posiive cash lows into the business. Expenses are recorded as debits because they decrease shareholders" equity. Direcion of the efect none: the total asset turnover raio is: total asset turnover raio = sales (or operaing) revenues/ The turnover asset raio measures the sales generated per dollar of assets.

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