ACCT 2000 : Test 1
Document Summary
X= if highlighted yellow means they are related. X/x= means important , will def be on exam x= mean rest of the note is on slides. Security and exchange commison finacial accounting standard board [ fasb: most important international accounting standard board [ iasb, which organization is primary standard settin body for usa. Us has more proprietorship/ partnership but corporations make more money: basic accounting equation, asset= liabilities + stockholders equity, helps identify, record and summarizing transactions is algebraic equation. January 1, 2010, tiger corporation had assets of ,000 and. Yes: liability purchasing supplies on account the accounts payable column increases, assets- supplies collum increases becase what company owes increases. No: does not affect equation yet because it is not something that can be recorded in terms of money[ monetary assumption] and had not payed employee yet. Illustration 2-12: only time that debit side is the increased side and normal.
