College Accounting: A Practical Approach by Slater (13th edition)
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Chapter 1. Accounting Concepts and Procedures
- Accounting. A system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others.
- Sole proprietorship. A type of business organization that has one owner. This owner is personally liable for paying the business' debt.
- Partnership.
- Corporation.
- Limited Liability Company.
- Service company.
- Merchandise company.
- Manufacturer.
- Generally accepted accounting principles.
- International Financial Reporting Standards.
- Bookkeeping.
- Assets.
- Liabilities.
- Creditor.
- Owner's equity.
- Basic accounting equation.
- Capital.
- Supplies.
- Shift in assets.
- Account payable.
- Balance sheet.
- Cash basis.
- Accrual basis.
- Revenue.
- Account receivable.
- Expense.
- Net income.
- Net loss.
- Withdrawal.
- Expanded accounting equation.
- Income statement.
- Statement of owner's equity.
- Ending capital.