BA 211 Chapter Notes - Chapter 2: Accounts Payable, Deferral, Retained Earnings

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The process by which financial statements are prepared. Explain what a transaction is: a transaction is any event that has a financial impact on the business and can be measured reliably. Defi(cid:374)e (cid:862)a(cid:272)(cid:272)ou(cid:374)t(cid:863) a(cid:374)d list a(cid:374)d diffe(cid:396)e(cid:374)tiate bet(cid:449)ee(cid:374) diffe(cid:396)e(cid:374)t types of accounts: an account is the (cid:396)e(cid:272)o(cid:396)d of all the (cid:272)ha(cid:374)ges i(cid:374) a pa(cid:396)ti(cid:272)ula(cid:396) asset, lia(cid:271)ility, o(cid:396) sto(cid:272)kholde(cid:396)s" e(cid:395)uity du(cid:396)i(cid:374)g a pe(cid:396)iod, basic summary device. Investments are purchased interest in other companies that operate all over the world that have long-term future use to the company. Listed as long-term assets: parks, resorts, and other property shows the cost of the land, buildings, and equipment used by a company in its operations to earn revenue. Segregate each asset by type: eventually allocate much of the cost associated with each asset through depreciation to the periods of time that the asset helps earn revenue.

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