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Accounting Basics

This class was created by Brainscape user Tasha Gannon. Visit their profile to learn more about the creator.

By: Tasha Gannon
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Decks in this class (8)

Chapter 1: Accounting in Action
Explain the going concern assumption,
Explain the economic entity assum...,
Explain the monetary unit assumption
24  cards
Chapter 2: The Recording Process
Which accounts have a debit balance,
Which accounts have a credit balance,
What is the chart of accounts
4  cards
Chapter 3: Adjusting the Accounts
What is the accrual basis of acco...,
Why do we prepare adjusting entries,
Explain the adjusting entry for p...
6  cards
Chapter 4: Completion of the Accounting Cycle
What accounts are closed at the e...,
When are the temporary accounts c...,
Explain the process to close reve...
25  cards
Chapter 5: Accouting for Merchandising Operations
What are the two types of invento...,
Describe the flow of inventory co...,
Describe the flow of inventory co...
10  cards
Chapter 6: Inventory Costing
Explain the two methods of invent...,
What is lcnrv and how do you calc...,
How do you calculate the inventor...
4  cards
Chapter 7: Internal Control and Cash
What objectives does internal con...,
Describe what establishment of re...,
Describe segregation of duties
12  cards
Chapter 8: Accounting for Receivables
Describe the difference between a...,
What is a subsidiary accounts rec...,
When is interest recorded in the ...
13  cards

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Accounting Basics

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