ACCTG 201 Chapter Notes - Chapter 1: Accounts Payable, Retained Earnings, Current Liability

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11 Sep 2013
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This information will include budgets, forecasts, and projections. this statement is used in making strategic decisions for the company. Enhancing qualitative characteristics: comparability, verifiability, timeliness, and understandability. Cost of disclosure should not exceed the the expected benefits to the users. Entity: any organization that stands apart as a separate economic unit. Continuity assumption: the assumption that the company (entity) will continue to operate long enough to use existing assets-land, buildings, equipment, etc. Quitting concern( opposite of continuity assumption: going out of business. Current portion refers to the amount due within the next year, and it has to be disclosed separately. accounting equation: assets - liabilities = owners equity corporations equity has 2 main subparts. Paid in capitol : the amount of money investors have invested in the corporation. common stock is evidence of the ownership. all corporations have common stock.

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