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- https://biz.libretexts.org/Workbench/MGT_1010/05%3A_Book-_Entrepreneurship_(OpenStax)/5.09%3A_Entrepreneurial_Finance_and_Accounting/5.9.04%3A_Accounting_Basics_for_EntrepreneursWhen the cash is spent, reducing the assets column to zero, a new asset account for the computer is created to record the dollar amount paid for the laptop. Again, because Shanti doesn’t owe another p...When the cash is spent, reducing the assets column to zero, a new asset account for the computer is created to record the dollar amount paid for the laptop. Again, because Shanti doesn’t owe another party at the end of the transaction (because she didn’t make any additional contribution), the balance of the owner’s equity account remains the same. In the second, she exchanged a smaller amount of cash for the laptop and charged the remaining amount of the purchase on a credit card.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/04%3A_How_Does_an_Organization_Accumulate_and_Organize_the_Information_Necessary_to_Prepare_Financial_Statements/4.02%3A_The_Effects_Caused_by_Common_TransactionsThis page teaches that every transaction in accounting affects at least two accounts, emphasizing the cause and effect relationship. Examples include sales of inventory and payment of liabilities, sho...This page teaches that every transaction in accounting affects at least two accounts, emphasizing the cause and effect relationship. Examples include sales of inventory and payment of liabilities, showing how transactions impact assets, liabilities, and equity. Additionally, in a perpetual inventory system, the cost of goods sold is recognized upon sale, highlighting the expense linked to sold inventory. Understanding these changes is crucial for accurate accounting.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/04%3A_How_Does_an_Organization_Accumulate_and_Organize_the_Information_Necessary_to_Prepare_Financial_Statements/4.03%3A_An_Introduction_to_Double-Entry_BookkeepingThis page explains double-entry bookkeeping, a critical financial accounting method with over 500 years of history. It covers the four-step accounting process (analyze, record, adjust, report), T-acco...This page explains double-entry bookkeeping, a critical financial accounting method with over 500 years of history. It covers the four-step accounting process (analyze, record, adjust, report), T-accounts, and the rules of debits and credits. It emphasizes that transactions must always balance (debits equal credits) to ensure accurate financial statements reflecting a company's operations over time, thereby maintaining clarity and organization in reporting.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/09%3A_Why_Does_a_Company_Need_a_Cost_Flow_Assumption_in_Reporting_Inventory/9.03%3A_Problems_with_Applying_LIFOThis page discusses the prohibition of LIFO (Last In, First Out) under IFRS, primarily due to outdated inventory values that misrepresent profitability. While LIFO benefits U.S. tax deferral, it is ba...This page discusses the prohibition of LIFO (Last In, First Out) under IFRS, primarily due to outdated inventory values that misrepresent profitability. While LIFO benefits U.S. tax deferral, it is banned in many countries for failing to reflect current market conditions. The complications from LIFO liquidations further inflate reported earnings by using older costs. As a result, companies outside the U.S. must adopt FIFO or average costing methods, leading to potential cash implications for U.S
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/15%3A_In_Financial_Statements_What_Information_Is_Conveyed_about_Other_Noncurrent_Liabilities/15.04%3A_Reporting_Postretirement_BenefitsThis page discusses postretirement benefits accounting under U.S. GAAP, emphasizing the complexities and the role of actuaries in estimating future liabilities. It highlights the need for transparency...This page discusses postretirement benefits accounting under U.S. GAAP, emphasizing the complexities and the role of actuaries in estimating future liabilities. It highlights the need for transparency in financial reporting, particularly regarding off-balance sheet financing, and introduces key metrics such as the debt-to-equity ratio and times interest earned (TIE) ratio for evaluating company debts. Kevin G.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/13%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Current_and_Contingent_Liabilities/13.05%3A_End-of-Chapter_ExercisesThis page covers accounting principles related to liabilities, including warranties and contingent liabilities, with a focus on current and noncurrent liabilities, accrued liabilities, and financial r...This page covers accounting principles related to liabilities, including warranties and contingent liabilities, with a focus on current and noncurrent liabilities, accrued liabilities, and financial ratios. It includes practical problems requiring transaction recording and financial ratio assessment.
- https://biz.libretexts.org/Bookshelves/Accounting/Accounting_in_the_Finance_World/12%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Equity_InvestmentsThis page discusses accounting for various investments, including trading securities, securities available for sale, and the equity method. It also covers consolidated financial statements and provide...This page discusses accounting for various investments, including trading securities, securities available for sale, and the equity method. It also covers consolidated financial statements and provides exercises for further understanding.
- https://biz.libretexts.org/Bookshelves/Civil_Law/Foundations_of_Business_Law_and_the_Legal_Environment/19%3A_Partnership_Operation_and_Termination/19.02%3A_Operation-_Relations_among_PartnersThis page outlines the duties and rights of partners in a partnership according to the Uniform Partnership Act (UPA) and Revised Uniform Partnership Act (RUPA). Partners owe duties such as loyalty and...This page outlines the duties and rights of partners in a partnership according to the Uniform Partnership Act (UPA) and Revised Uniform Partnership Act (RUPA). Partners owe duties such as loyalty and care, while holding rights to profit distributions and management participation. The importance of written agreements is stressed, as well as the fiduciary responsibilities inherent in partnerships.
- https://biz.libretexts.org/Bookshelves/Civil_Law/Foundations_of_Business_Law_and_the_Legal_Environment/18%3A_PartnershipsGeneral_Characteristics_and_Formation/18.01%3A_Introduction_to_Partnerships_and_Entity_TheoryThis page discusses partnership law, highlighting partnerships as profit-driven associations and their historical evolution, including the Uniform Partnership Act (UPA) and the Revised Uniform Partner...This page discusses partnership law, highlighting partnerships as profit-driven associations and their historical evolution, including the Uniform Partnership Act (UPA) and the Revised Uniform Partnership Act (RUPA), which establishes partnerships as distinct entities but retains personal liability. It addresses accounting treatment, tax reporting for partners, litigation proceedings, property ownership, and bankruptcy.
- https://biz.libretexts.org/Courses/Prince_Georges_Community_College/BMT_1570%3A_Small_Business_Management_(Duru-Nnebue)/07%3A_Accounting_and_Cash_Flow/7.02%3A_Understanding_the_Need_for_Accounting_SystemsAccounting is defined by the American Institute of Certified Public Accountants (AICPA) as “the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactio...Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as “the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof.”Ramnik Singh Wahla, Accounting Terminology Bulletin No.
- https://biz.libretexts.org/Courses/Folsom_Lake_College/BUS_350%3A_Small_Business_Management_Entrepreneurship_(Buch)/03%3A_The_Business_Plan_-_Marketing_Organization_Location_Finances/08%3A_Financial_Statements_and_Plan/8.03%3A_Using_Financial_Information_and_Accounting/8.3.02%3A_Accounting-_More_than_NumbersMore than a decade ago, the FASB and the IASB jointly published a memorandum of understanding (MOU) reaffirming the two organizations’ desire to create uniform global accounting standards. “This docum...More than a decade ago, the FASB and the IASB jointly published a memorandum of understanding (MOU) reaffirming the two organizations’ desire to create uniform global accounting standards. “This document underscores our strong commitment to continue to work together with the IASB to bring about a common set of accounting standards that will enhance the quality, comparability, and consistency of global financial reporting, enabling the world’s capital markets to operate more effectively,” said R…
