Accounting, Accounting Equation Definations

May 12th, 2015
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Shawnee State University
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Accounting - process of identifying, measuring, and reporting financial information of an entity

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Accounting - process of identifying, measuring, and reporting financial information of an entity Accounting Equation - assets = liabilities + equityAccounts Payable - money owed to creditors, vendors, etc.Accounts Receivable - money owed to a business, i.e.: credit salesAccrual Accounting - a method in which income is recorded when it is earned and expenses are recorded when they are incurredAsset - property with a cash value that is owned by a business or individualBalance Sheet - summary of a company's financial status, including assets, liabilities, and equityBookkeeping - recording financial informationCash-Basis Accounting - a method in which income and expenses are recorded when they are paid. Chart of Accounts - a listing of a company's accounts and their corresponding numbers Cost Accounting - a type of accounting that focuses on recording, defining, and reporting costs

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