ACCT 2010- Final Exam Guide - Comprehensive Notes for the exam ( 66 pages long!)

• School: Clemson University
• Department: Accounting
• Course: ACCT-2010
• Professor: Martin

Document Summary

Income tax of business is on personal income tax: partnership, 2 or more owners, owners are liable for debts of business. Fasb (financial accounting standards board: what: gaap (generally accepted accounting principles, world, who: iasb (international accounting standards board, what: ifrs (international financial reporting service, possible dividends, either cash or remaining retained earnings, whichever one was lower or lesser. Invest equipment: apc pays ,000 cash to buy equipment (decrease in assets, they receive ,000 in equipment (increase in assets, this is a transaction because the accounting equation was altered and then evened out. Investment in supplies: apc receives of supplies and gives a promise to pay. at the end of the month: receive supplies worth , give a promise worth (sold on credit) in accounts payable. If a vendor accepts some form of payment on credit it is an account payable: order office furniture, apc orders of computers, chairs, and desks.