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| An ______ is simply the unit for which we wish to account. |
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| Once the entity is defined, we should not commingle the __________ and ________ of that entity with those of other entities. |
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Definition
| resources and obligations |
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| The general group of resources owned by the firm are its __________. |
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| An _________ is anything of economic value that can somehow help the firm provide its goods and services to its customers, either directly or indirectly. |
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| __________ assets have a physical form and substance and are generally shown on financial statements. |
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| _______ assets do not have any physical form. They consist of such items as a good credit standing, skilled employees, and patents, copyrights, or trademarks developed by the firm. |
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Term
Goodwill is considered an _______ asset.
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| ________ represent the obligations that a firm has to outside creditors. |
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| ________ ________ is the value of the firm to its owner. |
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Term
| For a partnership, owners' equity is called _________ equity |
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Term
| For a corporation, owners' equity is called _______ or ________ ________. |
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Definition
| shareholders' or stockholders' equity |
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Term
| A not-for-profit organization refers to owners' equity as _________ _______. |
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| Shareholders' or stockholders' equity is often referred to as the ________ ________ of the firm or its "total book value." |
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Definition
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| Equation that shows the relationship among the assets, liabilities and stockholers' equity. |
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Definition
Assets = Liabilities + Stockholders' equity
Left side- firm's resources
Right side- sources of the rsources |
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