Accrual Accounting

May 12th, 2015
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Grambling State University
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Accounting - process of identifying, measuring, and reporting financial information of an entity. Accounting Equation - assets = liabilities + equity

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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 incurred, all independent of cash flowAccruals - a list of expenses that have been incurred and expensed, but not paid or a list of sales that have been completed, but not yet billedAmortization gradual reduction of amounts in an account over time, either assets or liabilitiesAsset - property with a cash value that is owned by a business or individualAudit Trail a record of every transaction, when it was done, by whom and where, used by auditors when validating the financial statementAudit

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