FINANCIAL ACCOUNTING

The accounting process is correctly sequenced as identification, recording, communication. The economic entity assumption requires that the activities of an entity be kept separate from the activities of its owner. If total liabilities decreased by $50,000 and stockholders' equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period? $20,000 decrease The primary purpose of the statement of cash flows is to repor...

Tom's Grocery purchased 5 new cash registers for their new store and they paid $2,400 each for a total of $12,000 on August 1, 2013, the day they were delivered. The cash registers are expected to have useful lives of 5 years and they are not expected to have any salvage value. Tom's Grocery uses straight-line depreciation. The cash registers were recorded as long-lived assets at the time of the purchase and now Tom's needs to make an entry showing the expense related to these cash regi...

Assets Economic resources that the business plans to use in the future to make money. Balance sheet The financial report that shows business assets, liabilities, and owner's equity as of a particular day. Balanced books When "Where did it go?" equals "Where did it come from?" or wen a company's assets equal its liabilities plus owner's equity. Capital Assets that help a business or a person make money. Capitalizer When money is changed into another asset that helps ...

What is accounting? The process of identifying, measuring and communicating financial information about a business entity i think that the sales ledger control account is a little like the recievables account? it shows how much is owed overall over time. it changes as the grouped amounts from the day books such as sales or payment changes it. I need to mainly revise the cash flow statement yes you do What goes into the cost of a non current asset? What does not? Purchase price Delivery ...

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