Term
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Definition
| a standardized format that organization use to accumulate the dollar effect of transactions on each financial statement item. |
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Term
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Definition
| a system that collects and processes (analyzes, measures, and records) financial information about an organization |
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Term
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Definition
| the organization for which financial data are to be collected |
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Term
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Definition
| the time period covered by the financial date are to be collected |
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Term
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Definition
| records revenues when earned and expenses when incurred, regardless of the timing of cash receipts or payments |
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Term
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Definition
| previously unrecorded expenses that need to be adjusted at the end of the accounting period to reflect the amount incurred and its related payable account |
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Term
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Definition
| expenses that have been incurred but have not been paid at the end of the accounting period |
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Term
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Definition
| Previously unrecorded revenues that need to be adjusted at the end of the accounting period to reflect the amount earned and its related receivable account |
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Term
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Definition
| net cash equivalent amount paid or to be paid for an asset |
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Term
| Additional Paid-In Capital |
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Definition
| the amount of contributed capital less the par value of the stock |
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| Additions and Improvements |
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Definition
| Infrequent expenditures that increase and asset's economic usefulness in the future |
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Term
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Definition
| Entries necessary at the end fo the accounting period to measure all revenues and expenses of that period |
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Term
| Aging of Accounts Receivable Method |
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Definition
| estimates uncollectible accounts based on the age of each account receivable |
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Term
| Allowance for Doubtful Accounts |
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Definition
| Contra-asset account containing the estimated uncollectible accounts receivable |
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Term
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Definition
| bases bad debt expense on an estimate of uncollectible accounts |
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Term
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Definition
| systematic and rational allocation of the acquisition cost of an intangible asset over its useful life |
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Term
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Definition
| reports investments in debt securities held to maturity at cost minus any premium or plus any discount |
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Term
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Definition
| a series of periodic cash receipts or payments that are equal in amount each interest period |
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Term
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Definition
| probable future economic benefits owned by the entity asa result of past transactions |
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