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The information that a user of financial information needs depends upon the kinds of decisions the user makes.There are two broad groups of ...
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Why is accounting so popular? What consistently ranks as one of the top career opportunities in business? What frequently rates among the mo...
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Accountants divide the economic life of a business into artificial time periods (Time Period Assumption) Generally a month , a quarter , or ...
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In general, the guidelines for revenue recognition are quite broad. On top of the broad guidelines, certain industries have specific additio...
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Any profit that the firm makes belongs to the owners of that firm. They are the shareholders. The amount of the profit that each shareholder...
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Double-entry accounting system Each transaction must affect two or more accounts to keep the basic accounting equation in balance. Recordin...
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A General Ledger contains the entire group of accounts maintained by a company. The General Ledger includes all the asset, liability, own...
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