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-0.036... | transactions and other events and circumstances from nonowner sources” (SFAC No. 6, p. 21). While
further discussion of comprehensive income is reserved for intermediate and advanced studies in
accounting, it is worth noting that comprehensive income has four components, focusing on activities
related to foreign cur... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pd... |
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... | current month, June.
Assume that as part of your summer job with Cheesy Chuck’s, the owner—you guessed it, Chuck—has asked
you to take over for a former employee who graduated college and will be taking an accounting job in New
York City. In addition to your duties involving making and selling popcorn at Cheesy Chuc... | {"producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "fil... |
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-0.0... | information (as of June 30) for Cheesy Chuck’s.
Figure 2.6
Trial Balance for Cheesy Chuck’s Classic Corn. Accountants record and summarize accounting
information into accounts, which help to track, summarize, and prepare accounting information. This table is a
variation of what accountants call a “trial balance.” A... | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "batch_upload": true, "file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp... |
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-0.0... | flows such as hiring, purchases, and other startup costs. In reality, businesses must invest cash to prepare the
store, train employees, and obtain the equipment and inventory necessary to open. These costs will precede
the selling of goods and services. In the example to follow, for instance, we use Lease payments o... | {"batch_upload": true, "uploaded_via": "batch_uploader", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\busi... |
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-0.02... | allocated over a relevant period of time. As an example, assume a business purchased equipment for $18,000
and the equipment will be worth $2,000 after four years, giving an estimated decline in value (due to usage) of
$16,000 ($18,000 − $2,000). The business will allocate $4,000 of the equipment cost over each of th... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "creationd... |
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-0.043... | (remember, an income statement is for a period of time). Our first step is to determine the value of goods and
services that the organization sold or provided for a given period of time. These are the inflows to the
business, and because the inflows relate to the primary purpose of the business (making and selling po... | {"producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accountin... |
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-0.... | amount of net income or net loss for Cheesy Chuck’s. Since revenues ($85,000) are greater than expenses
($79,200), Cheesy Chuck’s has a net income of $5,800 for the month of June.
Figure 2.7 displays the June income statement for Cheesy Chuck’s Classic Corn.
This OpenStax book is available for free at http://cnx.org... | {"file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "uploaded_via": "batch_uploader", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "file_hash":... |
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-0.079... | conventions provide consistency and help assure financial statement users the information is presented in a
similar manner, regardless of the organization issuing the financial statement. Let’s look at the standard
conventions shown in the Cheesy Chuck’s income statement:
• The heading of the income statement includ... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_na... |
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◦ The third column is a total column. In this illustration, it is the column where subtotals are listed and
net income is determined (subtracting Expenses from Revenues).
• Subtotals are indicated by a single underline, while totals are indicated by a double underline. Notice the
amount of Miscellaneo... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", ... |
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-0.05... | businesses, but gains and losses may be infrequent for some, especially small, businesses.
86
Chapter 2 Introduction to Financial Statements
C O N C E P T S I N P R A C T I C E
McDonald’s
For the year ended December 31, 2016, McDonald’s had sales of $24.6 billion.[11] The amount of sales is
often used by the b... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccount... |
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-0.0174... | costs, arranging for delivery, and many other functions necessary to have the ingredients ready for the
stores to prepare the food for their customers. Expecting that McDonald’s will have over $24 billion of
sales during 2017, how many eggs do you think the purchasing manager at McDonald’s would need to
purchase for... | {"producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": true, "uploaded_via": "batch_uploader", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Ac... |
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-0.035... | that McDonald’s 2017 sales are expected to exceed the amount of sales in 2016. What conclusions would
you make based on this information? What do you think might be influencing these amounts? What
factors do you think would be important to the sales manager in deciding what action, if any, to take?
Now assume that M... | {"file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.... |
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-0.0263357... | increases in value/equity, which are investments by owners and net income. As you look at the accounting
information you were provided, you recognize the amount invested by the owner, Chuck, was $12,500. Next,
we account for the increase in value as a result of net income, which was determined in the income statement... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "... |
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-0.0315... | the owner(s). For the month of June, Chuck withdrew $1,450 from the business. This is a good time to recall the
11 McDonald’s Corporation. U.S. Securities and Exchange Commission 10-K Filing. March 1, 2017. http://d18rn0p25nwr6d.cloudfront.net/
CIK-0000063908/62200c2b-da82-4364-be92-79ed454e3b88.pdf
12 McDonald’s. “Ou... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "uploaded_via": "batch_upload... |
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-0.0... | proprietorship. If the business was structured as a corporation, this activity would be called something like
“Dividends Paid to Owners.”
At this stage, remember that since we are working with a sole proprietorship to help simplify the examples, we
have addressed the owner’s value in the firm as capital or owner’s e... | {"batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "source_f... |
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-0.0... | answered $16,850. Since this is a brand-new store, the beginning value of the business is zero. During the
month, the owner invested $12,500 and the business had profitable operations (net income) of $5,800. Also,
during the month the owner withdrew $1,450, resulting in a net change (and ending balance) to owner’s
e... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "moddate":... |
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-0.091355... | month of June in this case). Notice the amount of net income (or net loss) is brought from the income
statement. In a similar manner, the ending equity balance (Capital for Cheesy Chuck’s because it is a sole
proprietorship) is carried forward to the balance sheet. (attribution: Copyright Rice University, OpenStax,
... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf"... |
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-0.0495069... | statement of owner’s equity uses the net income (or net loss) amount from the income statement (Net
Income, $5,800).
Balance Sheet
Let’s create a balance sheet for Cheesy Chuck’s for June 30. To begin, we look at the accounting records and
determine what assets the business owns and the value of each. Cheesy Chuck’... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "batch_upload": ... |
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-0.01... | amount that Cheesy Chuck’s must pay in the future to vendors (also called suppliers) for the ingredients to
make the gourmet popcorn. The other liability is Wages Payable for $1,200. This is the amount that Cheesy
Chuck’s must pay in the future to employees for work that has been performed. Adding the two amounts
gi... | {"creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "total_pages": 1055, "upload_timestamp": "2026... |
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-0.06778743... | think of another way to confirm the amount of owner’s equity? Recall that equity is also called net assets
(assets minus liabilities). If you take the total assets of Cheesy Chuck’s of $18,700 and subtract the total
liabilities of $1,850, you get owner’s equity of $16,850. Using the basic accounting equation, the bal... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source_file": "downloads\\business\\accounting\\Fina... |
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-0.04457450658082962,
-0.022478919476270676,
0.032808031886816025,
0.01995597779750824,
-0.06938351... | Connecting the Income Statement and the Balance Sheet
Another way to think of the connection between the income statement and balance sheet (which is aided by
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
89
the statement of owner’s e... | {"file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "source_file": ... |
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0.021961895748972893,
-0.014698687940835953,
-0.04... | financial performance over the past twelve months, for example, this is the financial position of the business as
of December 31. Think of the balance sheet as being similar to a team’s overall win/loss record—to a certain
extent a team’s strength can be perceived by its win/loss record.
However, because different c... | {"total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:5... |
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-0.08... | flows. This fourth and final financial statement lists the cash inflows and cash outflows for the business for a
period of time. It was created to fill in some informational gaps that existed in the other three statements
(income statement, owner’s equity/retained earnings statement, and the balance sheet). A full de... | {"total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accou... |
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-0.10673... | that information was used to create the four financial statements: income statement, statement of owner’s
equity, balance sheet, and statement of cash flows.
We started with the account balances shown in Figure 2.10.
90
Chapter 2 Introduction to Financial Statements
Figure 2.10
Account Balances for Cheesy Chuck’s... | {"upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "F... |
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-0.0... | performance of a business for a period of time. The net income or net loss will be carried forward to the
statement of owner’s equity. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0 license)
Next, we created the statement of owner’s equity, shown in Figure 2.12. The statement of owner’s equi... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "moddate": "20... |
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-0.06901... | Net Income (or Net Loss), which was brought forward from the income statement. The ending balance is
carried forward to the balance sheet. (attribution: Copyright Rice University, OpenStax, under CC BY-NC-SA 4.0
license)
The third financial statement created is the balance sheet, which shows the company’s financial ... | {"file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "total_pages": 105... |
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-0.0321... | T H I N K I T T H R O U G H
Financial Statement Analysis
In Why It Matters, we pointed out that accounting information from the financial statements can be
useful to business owners. The financial statements provide feedback to the owners regarding the
financial performance and financial position of the busines... | {"file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "source": "downloads\\business\\accounting\\Financ... |
caab4247-5b86-4f4e-8182-10bb8534ac8b | [
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0.0... | Financial Statement Manipulation at Waste Management Inc.
Accountants have an ethical duty to accurately report the financial results of their company and to
ensure that the company’s annual reports communicate relevant information to stakeholders. If
accountants and company management fail to do so, they may incur ... | {"file_size_mb": 156.7, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)... |
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-0.03944389... | report the financial results of their company, the top accountants and management of Waste
Management, Inc. face charges.
Thomas C. Newkirk, the associate director of the SEC’s Division of Enforcement, stated, “For years, these
defendants cooked the books, enriched themselves, preserved their jobs, and duped unsuspe... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "batch_upload": true, "source": "downloads\\business\\account... |
86d4d1b2-f047-49c3-90b2-febbd1a01ed1 | [
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0.03430423140525818,
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0.026131412014365196,
0.016251090914011,
0.01417... | charitable giving, and sale of company stock. The company’s accounting form, Arthur Andersen, abetted
the fraud by identifying the improper practices but doing little to stop them.
13 U.S. Securities and Exchange Commission. “Waste Management Founder, Five Other Former Top Officers Sued for Massive Fraud.” March
26, ... | {"total_pages": 1055, "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.... |
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0.0015385906444862485,
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-0.033298708498477936,
0.023... | may also utilize financial ratios to assess the financial health of the organization. While a more in-depth
discussion of financial ratios occurs in Appendix A: Financial Statement Analysis, here we introduce liquidity
ratios, a common, easy, and useful way to analyze the financial statements.
Liquidity refers to th... | {"file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "up... |
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0.... | Inventory is less liquid than accounts receivable because the product must first be sold before it generates
cash (either through a cash sale or sale on account). Inventory is, however, more liquid than land or buildings
because, under most circumstances, it is easier and quicker for a business to find someone to pur... | {"file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "batch_upload": true, "file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload... |
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0.035882... | indicates the business has sufficient current assets to meet short-term obligations (liabilities) and still has
financial flexibility. A negative amount is undesirable and indicates the business should pay particular
attention to the composition of the current assets (that is, how liquid the current assets are) and t... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_name": "FinancialAccounting-OP.pdf", "creator":... |
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0.10735... | (like an independent local movie theater) than it is to a large business (like a movie theater chain). Using
percentages or ratios allows financial statement users to more easily compare small and large businesses.
Current Ratio
The current ratio is closely related to working capital; it represents the current asset... | {"file_size_mb": 156.7, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-0... |
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-0.044... | less than one indicates that the firm should pay close attention to the composition of its current assets as well
as the timing of the current liabilities.
Sample Working Capital and Current Ratio Calculations
Assume that Chuck, the owner of Cheesy Chuck’s, wants to assess the liquidity of the business. Figure 2.14
... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "total_pages": 1055, "file_name": "FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash"... |
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-0.0... | company’s financial position. By showing the total assets, total liabilities, and total equity of the business, the
balance sheet provides information that is useful for decision-making. In addition, using ratios can give
stakeholders another view of the company, allowing for comparisons to prior periods and to other... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "sourc... |
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Let’s further assume that Chuck, while attending a popcorn conference for store owners, has a conversation
with the owner of a much larger popcorn store—Captain Caramel’s. The owner of Captain Caramel’s happens
to share the working capital for his store is $52,500. At first Chuck feels his business is not ... | {"batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL... |
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-0.... | removes the size differences (materiality) of the two businesses.
The current ratio is calculated as current assets/current liabilities. We use the same amounts that we used in
the working capital calculation, but this time we divide the amounts rather than subtract the amounts. So
Cheesy Chuck’s current ratio is $6... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "file_name": "FinancialA... |
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-0.05... | better than Cheesy Chuck’s, Chuck is encouraged to learn that his store is performing at a more competitive
level than he previously thought by comparing the dollar amounts of working capital.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statemen... | {"producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "... |
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0.045503273606300354,
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-0.03437720611691475,
-0.0045... | Understanding the elements that make up financial statements, the organization of those elements
within the financial statements, and what information each statement relays is important, whether
analyzing the financial statements of a US company or one from Honduras. Since most US companies
apply generally accepted a... | {"batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financ... |
f9927d2b-be45-4e80-b103-e853fb75f570 | [
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-0... | Both IFRS and US GAAP have the same elements as components of financial statements: assets,
liabilities, equity, income, and expenses. Equity, income, and expenses have similar subcategorization
between the two types of GAAP (US GAAP and IFRS) as described. For example, income can be in the
form of earned income (a ... | {"creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "batch_upload": true, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\busines... |
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0.0... | illustrate how these minor differences in definition can impact placement within the financial statements
when using US GAAP versus IFRS. ACME Car Rental Company typically rents its cars for a time of two
years or 60,000 miles. At the end of whichever of these two measures occurs first, the cars are sold.
Under both... | {"total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.... |
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0.0... | this point, simply know that financial analysis can include ratios, which is the comparison of two
numbers, and thus any time you change the denominator or the numerator, the ratio result will change.
There are many similarities and some differences in the actual presentation of the various financial
statements, but... | {"uploaded_via": "batch_uploader", "file_type": ".pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.... |
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-0.0473... | Chapter 2 Introduction to Financial Statements
Key Terms
accounting equation
assets = liabilities + owner’s equity
accounts payable
value of goods or services purchased that will be paid for at a later date
accounts receivable
outstanding customer debt on a credit sale, typically receivable within a short time
... | {"producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "batch_upl... |
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-... | worth (equity) on a specific date
cash basis accounting
method of accounting in which transactions are not recorded in the financial
statements until there is an exchange of cash
common stock
corporation’s primary class of stock issued, with each share representing a partial claim to
ownership or a share of the c... | {"total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upl... |
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-0.01... | cycle, whichever is greater
current ratio
current assets divided by current liabilities; used to determine a company’s liquidity (ability to
meet short-term obligations)
distribution to owner
periodic “reward” distributed to owner of cash or other assets
dividend
portion of the net worth (equity) that is returne... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "file_type": ".pdf", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "cre... |
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-0.019451014697551727,
0.010611423291265965,
0.02729249931871891,
-0.06917773932218552,
-0.029... | purpose of the business
income statement
financial statement that measures the organization’s financial performance for a given
period of time
initial public offering (IPO)
when a company issues shares of its stock to the public for the first time
intangible asset
asset with financial value but no physical prese... | {"total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "upload... |
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-0.0112... | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
97
events
liquidity
ability to convert assets into cash in order to meet primarily short-term cash needs or emergencies
long-term asset
asset used ongoing in the normal course of busines... | {"file_type": ".pdf", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume ... |
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0... | noncurrent asset
asset that will be used or consumed over more than one year
noncurrent liability
liability that is expected to be settled in more than one year
notes payable
value of amounts borrowed that will be paid in the future with interest
notes receivable
value of amounts loaned that will be received in ... | {"producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "batch_upload": true, "file_nam... |
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-0.... | combination of both) from delivering or producing goods, rendering services, or other activities that
constitute the entity’s ongoing major or central operations
Securities and Exchange Commission (SEC)
federal regulatory agency that regulates corporations with
shares listed and traded on security exchanges through... | {"file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_... |
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financial statement listing the cash inflows and cash outflows for the business for a
period of time
statement of owner’s equity
financial statement showing how the equity of the organization changed for a
period of time
tangible asset
asset that has physical substance
working capital
c... | {"uploaded_via": "batch_uploader", "file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creator": "DocBook XSL Stylesheets V1.79.1", "batch_upload": true, "upload_timestamp": "2026-02-07T07:23:08.167529", "source_file": "downloads\\business\\accounting\\FinancialAccou... |
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-0.04148194566369057,
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-0.... | income statement lists revenues, expenses, gains, and losses, which make up net income (or net loss).
• The statement of owner’s equity shows how the net worth of the organization changes for a period of
time. In addition to showing net income or net loss, the statement of owner’s equity shows the
98
Chapter 2 Intr... | {"creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "upload_timestamp": "2026-02-07T07:23:... |
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... | accrual accounting, which records transactions when they occur rather than waiting until cash is
exchanged.
2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent
Liabilities, Equity, Revenues, and Expenses
• Assets and liabilities are categorized into current and noncurre... | {"batch_upload": true, "file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "fil... |
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-0.0... | financial statement users assess the timing of the transactions.
• Three broad categories of legal business structures are sole proprietorship, partnership, and corporation,
with each structure having advantages and disadvantages.
• The accounting equation is Assets = Liabilities + Owner’s Equity. It is important to... | {"producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "batch_upload": t... |
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investments by owners, distributions to owners, and comprehensive income.
• There are standard conventions for the order of preparing financial statements (income statement,
statement of owner’s equity, bala... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "file_size... |
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-0.08205313235521317,
0.004639388993382454,
0.0053... | meet current obligations.
• The Current Ratio (Current Assets/Current Liabilities) is similar to Working Capital but allows for
comparisons between firms by determining the proportion of current assets to current liabilities.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 ... | {"file_size_mb": 156.7, "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-0... |
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-0.0... | revenues, losses, expenses, and gains
B. assets, liabilities, and owner’s equity
C.
revenues, expenses, investments by owners, distributions to owners
D. assets, liabilities, and dividends
4.
2.1 The balance sheet lists which of the following?
A. assets, liabilities, and owners’ equity
B.
revenues, expenses, g... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_name": "FinancialAccounting-OP.pdf", "upload_time... |
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-0.00238551... | D. The transaction would not be reported because the cash was not exchanged.
6.
2.2 Which of the following statements is true?
A. Tangible assets lack physical substance.
B. Tangible assets will be consumed in a year or less.
C. Tangible assets have physical substance.
D. Tangible assets will be consumed in over ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "file_size_mb": 156.7, "uploaded_via": "batch_uploader", "file_type": ".pdf", "moddate... |
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0.06713955104351044,
-0.062260743... | D. Assets = Liabilities + Owner’s Equity
9.
2.2 Which of the following decreases owner’s equity?
A.
B.
investments by owners
losses
C. gains
D.
short-term loans
10.
2.2 Exchanges of assets for assets have what effect on equity?
A.
increase equity
B. may have no impact on equity
C. decrease equity
D. The... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", ... |
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B.
C.
D.
income statement, statement of cash flows, balance sheet, statement of owner’s equity
income statement, statement of owner’s equity, balance sheet, statement of cash flows
income statement, balance sheet, statement of owner’s equity, statement of cash flows
income statement, balance sheet, statement ... | {"file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "file_size_mb": 156.7, "total_pages": 1055, "uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14... |
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-0.011770175769925117,
-0.055... | 2.3 Which financial statement shows the financial performance of the company on a cash basis?
A. balance sheet
B.
C.
D.
statement of owner’s equity
statement of cash flows
income statement
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statem... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "upload_timestamp": "202... |
a656751a-df60-4576-965a-a51e9e5be3c6 | [
0.0570504330098629,
0.03585304692387581,
-0.06455471366643906,
-0.05082366243004799,
-0.0279567688703537,
0.04199250042438507,
0.08314818143844604,
0.040347494184970856,
0.035978082567453384,
-0.010021221823990345,
-0.00018119308515451849,
-0.10783503204584122,
-0.03243226185441017,
-0.012... | 2.1 Define the term stakeholders. Identify two stakeholder groups, and explain how each group might use
the information contained in the financial statements.
3.
2.1 Identify one similarity and one difference between revenues and gains. Why is this distinction
important to stakeholders?
4.
2.1 Identify one simila... | {"file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-... |
e16fe313-130f-4805-96da-442afe2b3227 | [
0.029075462371110916,
0.056552764028310776,
0.021942833438515663,
0.00836542621254921,
-0.032089963555336,
0.04740789160132408,
0.12218573689460754,
-0.013638594187796116,
0.0734783485531807,
0.01629282906651497,
0.11560006439685822,
-0.051147013902664185,
0.06928607076406479,
-0.090678565... | 7.
8.
each.
9.
2.2 What is the “accounting equation”? List two examples of business transactions, and explain how the
accounting equation would be impacted by these transactions.
10.
2.3 Identify the order in which the four financial statements are prepared, and explain how the first
three statements are interr... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "producer": "Prince 11 (www.princexml.com)", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_ty... |
8c554175-84db-44b7-bc86-9ce0e295bb94 | [
-0.024189861491322517,
-0.015348006971180439,
-0.04758329689502716,
-0.006468337494879961,
0.056040797382593155,
0.021591205149888992,
0.1320013701915741,
-0.053693052381277084,
0.04559364914894104,
0.053782787173986435,
0.12087292224168777,
-0.08180849999189377,
0.06808385252952576,
-0.07... | EA3.
2.1 For each independent situation below, calculate the missing values.
EA4.
2.1 For each independent situation below, place an (X) by the transactions that would be included in
the statement of cash flows.
Transaction
Included
Sold items on account
Wrote check to pay utilities
Received cash investment by... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader... |
0bab5c13-616e-4524-b738-cb03b6873342 | [
0.04251786321401596,
0.03544875979423523,
0.00831220205873251,
-0.0232497900724411,
0.03985818848013878,
0.020093752071261406,
0.04465341940522194,
0.004141134209930897,
-0.042651429772377014,
0.08168099820613861,
0.06351405382156372,
-0.06125598028302193,
-0.03844355791807175,
-0.04842774... | Table 2.4
EA6.
2.2 For the items listed below, indicate how the item affects equity (increase, decrease, or no impact.
Item
Increase? Decrease? or No Impact?
Expenses
Assets
Gains
Liabilities
Dividends
Table 2.5
EA7.
2.2 Forest Company had the following transactions during the month of December. What is the... | {"total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "c... |
b8ad7d7b-e9cd-435b-a45d-841d8c20b391 | [
-0.012910966761410236,
0.07830457389354706,
0.013736489228904247,
-0.017034459859132767,
-0.03677807003259659,
0.03621479496359825,
0.10136641561985016,
-0.013510805554687977,
0.020049165934324265,
-0.006940879859030247,
0.13255812227725983,
-0.10208576172590256,
0.06783980876207352,
-0.09... | month of October 2018.
2.3 Prepare a balance sheet using the following information for the Ginger Company as of March 31,
EA11.
2019.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
105
B Exercise Set B
EB1.
2.1 For each independent... | {"batch_upload": true, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (w... |
9cea2ec6-5a08-4e0a-9cf6-3d9ff4c4ae3d | [
-0.04814710468053818,
-0.002730016130954027,
-0.00013513414887711406,
-0.05361942946910858,
-0.005916135385632515,
0.01778591237962246,
0.09743361175060272,
-0.027797624468803406,
0.0022293466608971357,
0.05926346406340599,
0.09650808572769165,
-0.1040734127163887,
0.006340828724205494,
-0... | Paid cash to owner for withdrawal
Gave cash donation to local charity
Received bill for utilities
Table 2.6
106
Chapter 2 Introduction to Financial Statements
EB5.
2.2 For each of the following items, identify whether the item is considered current or noncurrent, and
explain why.
Item
Current or Noncurrent?
... | {"producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_name": "FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "title": "Principles of Accounting, V... |
9adb17a8-1cc3-45dc-b810-8d82828c0c81 | [
0.04695221409201622,
0.09169719368219376,
0.04591704159975052,
-0.03255416825413704,
-0.02449197694659233,
0.09364745020866394,
0.06366177648305893,
0.06154875084757805,
0.00035953952465206385,
0.029668908566236496,
0.06802733242511749,
-0.11361455917358398,
0.023683082312345505,
-0.080956... | 107
EB8.
2.2 Here are facts for Hailey’s Collision Service for January.
Assuming no investments or withdrawals, what is the ending balance in the owners’ capital account?
EB9.
2.3 Prepare an income statement using the following information for CK Company for the month of
February 2019.
EB10.
2.3 Prepare a state... | {"file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_v... |
37936206-0c32-4b13-9d6d-6aa610bbb3c1 | [
0.030563494190573692,
0.04992246627807617,
0.005653953179717064,
-0.015001622028648853,
-0.0055554574355483055,
0.07840441912412643,
0.027607137337327003,
0.02356562577188015,
0.03344622999429703,
0.020697331055998802,
0.04572262987494469,
-0.06405044347047806,
0.0006007268093526363,
-0.05... | B. Calculate net income or net loss for February.
C. Calculate net income or net loss for March.
D. For each situation, comment on how a stakeholder might view the firm’s performance. (Hint: Think
about the source of the income or loss.)
PA2.
2.1 Each situation below relates to an independent company’s owners’ equ... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "source": "downloads\\business\\accounting\\FinancialAcc... |
cb4c591a-d59f-4c33-aed1-42de247dc868 | [
0.05129922926425934,
0.0063410112634301186,
0.011291343718767166,
-0.04377993196249008,
-0.020825831219553947,
-0.03854022175073624,
0.06852979958057404,
-0.01197891402989626,
0.05284819379448891,
0.03602023795247078,
0.11464636772871017,
-0.006985102780163288,
0.02002403698861599,
-0.0312... | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introduction to Financial Statements
109
PA5.
2.2 For each of the following independent transactions, indicate whether there was an increase, a
decrease, or no impact for each financial statement element.
Transaction
Assets... | {"file_type": ".pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_size_mb": 156.7, "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-0... |
62bdb96d-49a8-4b44-b70c-dbf66d39e9a3 | [
0.06777412444353104,
0.09473490715026855,
0.035453181713819504,
-0.018871333450078964,
-0.02783728949725628,
0.10354503244161606,
0.07743324339389801,
0.018486935645341873,
0.022224996238946915,
-0.0006989153916947544,
0.04747828468680382,
-0.06029413640499115,
-0.019349921494722366,
-0.09... | as $0.
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction
may be $0.)
PA7.
2.2 Using the information in PA6, determine the amount of revenue and expenses for Olivia’s Apple
Orchard for the month of September.
110
Chapter 2 Introduction to Financial Sta... | {"creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting"... |
1daaaf48-93fe-4796-9e65-9c491a68f6a4 | [
0.038428544998168945,
0.03462011367082596,
-0.0036023512948304415,
-0.0027811869513243437,
0.0025549838319420815,
0.057545557618141174,
0.05049056559801102,
0.03452763333916664,
0.01997128687798977,
0.014463759958744049,
0.026615658774971962,
-0.07324891537427902,
0.017321137711405754,
-0.... | A. Calculate net income or net loss for January.
B. Calculate net income or net loss for February.
C. Calculate net income or net loss for March.
D. For each situation, comment on how a stakeholder might view the firm’s performance. (Hint: think
about the source of the income or loss.)
This OpenStax book is availa... | {"file_size_mb": 156.7, "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2... |
dc20601f-e0dc-4b9b-8113-e19d88a2a653 | [
0.032631684094667435,
0.03140643984079361,
-0.03417691960930824,
-0.011058078147470951,
-0.03922629728913307,
0.016663258895277977,
0.10373648256063461,
0.0310698002576828,
0.06779887527227402,
-0.01874973252415657,
0.0993867889046669,
0.00959633570164442,
-0.0028793285600841045,
-0.068882... | PB4.
2.1 Each of the following situations relates to a different company.
A.
For each of these independent situations, find the missing amounts.
B. How would stakeholders view the financial performance of each company? Explain.
PB5.
2.2 For each of the following independent transactions, indicate whether there wa... | {"creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "total_pages": 1055, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529", "file_type": ".pdf", "... |
bb774a2c-a5a2-4498-809d-bf6a15220b6e | [
0.03959883004426956,
0.04985008016228676,
-0.022959476336836815,
-0.029600676149129868,
-0.041806645691394806,
0.03626919537782669,
0.023931458592414856,
0.08061936497688293,
-0.0025995485484600067,
-0.010155228897929192,
0.029218899086117744,
-0.06524845212697983,
-0.05898541212081909,
-0... | in business.
Complete the chart to determine the ending balances. As an example, the first transaction has been
completed. Note: negative amounts should be indicated with minus signs (–).
(Hints: 1. each transaction will involve two financial statement elements; 2. the net impact of the transaction
may be $0.)
PB7... | {"file_size_mb": 156.7, "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "total_pages": 1055, "uploaded_via": "batch_upl... |
6a828fea-7f4d-4b46-8fe0-157936758a1c | [
-0.003587068524211645,
-0.06935471296310425,
-0.03565254062414169,
-0.08294154703617096,
0.07363507896661758,
0.0867069810628891,
0.046052802354097366,
0.10772552341222763,
0.025525666773319244,
-0.09082403779029846,
-0.020157815888524055,
0.08744853734970093,
0.036026082932949066,
-0.0031... | to the stakeholder (or stakeholder group). Explain why these factors are important. Do some research and see
if you can find support for your points.
TP2.
2.1 Assume you purchased ten shares of Roku during the company’s IPO. Comment on why this might
be a good investment. Consider factors such as what you expect to... | {"title": "Principles of Accounting, Volume 1: Financial Accounting", "file_type": ".pdf", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", ... |
9230c98b-9cb5-432f-8f09-cc006c604fa9 | [
-0.010208521969616413,
0.017330991104245186,
-0.01351275946944952,
-0.1248256042599678,
-0.03989466279745102,
0.04417525231838226,
0.0344117172062397,
0.05112294480204582,
-0.024033980444073677,
-0.0796145647764206,
0.02802848629653454,
0.0029739090241491795,
0.03704192489385605,
-0.029035... | be recorded on the company’s balance sheet, discuss what factors you think would affect (increase or
decrease) the value of the company’s trademark? Consider your answer through the perspective of various
stakeholders.
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 2 Introdu... | {"creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "batch_upload": true, "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14... |
8b2378c1-2bdd-4aef-8a2b-7356477f5618 | [
0.0183454267680645,
0.07994237542152405,
-0.005982669070363045,
0.019286425784230232,
-0.03980785235762596,
0.028360357508063316,
0.06259068101644516,
0.019091062247753143,
0.023318570107221603,
0.007963632233440876,
0.026050308719277382,
-0.011479821987450123,
0.008622024208307266,
-0.035... | Chapter 2 Introduction to Financial Statements
This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
3
Analyzing and Recording Transactions
Figure 3.1 Dry-Cleaning Organization. Small businesses need an organized approach to recording daily
business activities. (credit: modification of “D... | {"source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "producer": "Pr... |
daea4263-ddeb-4144-9bcb-4530eb3fe8ca | [
-0.02190227247774601,
0.0003333799249958247,
-0.0492609441280365,
-0.056917138397693634,
-0.005774395540356636,
0.03815886378288269,
0.10033219307661057,
0.011580904014408588,
0.017620252445340157,
0.008498650044202805,
0.03186885640025139,
0.013431476429104805,
-0.014492345042526722,
-0.0... | Transactions on Financial Statements
3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
3.6 Prepare a Trial Balance
Why It Matters
Mark Summers wants to start his own dry-cleaning business upon finishing college. He has chosen to name
his business Supreme Cleaners. Before he embarks on this jour... | {"batch_upload": true, "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "source": "downloads\\business\\accounting\\FinancialAccounting-OP... |
a8d3ec35-13ec-45c8-b704-5c1f06ff1901 | [
0.030713016167283058,
0.040322694927453995,
-0.05220881476998329,
-0.03253728896379471,
-0.05665617063641548,
0.03562484681606293,
0.0916062742471695,
0.0001517507917014882,
-0.009304936043918133,
-0.037837784737348557,
0.004979060962796211,
0.012636146508157253,
-0.02573361061513424,
-0.0... | standard accounting framework so that the financial operations are comparable to other company’s financial
operations.
116
Chapter 3 Analyzing and Recording Transactions
He knows it is important for him to keep thorough documentation of these business activities to give his
investors and creditors, and himself, a ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_type": ".pdf", "file_name": "FinancialAccounting-OP.p... |
f05fb541-d75c-4218-b2ad-08a1de797f91 | [
0.042880456894636154,
0.04072165861725807,
-0.07136127352714539,
0.016166461631655693,
-0.03157048299908638,
0.04035016894340515,
0.04078667610883713,
0.06637976318597794,
0.08241394907236099,
-0.0677647739648819,
-0.024404244497418404,
-0.04391302913427353,
-0.03225173056125641,
-0.089804... | performance in order for you, your investors, and your lenders, to make informed decisions about the future
of your company. Financial statements are created with this purpose in mind. A set of financial statements
includes the income statement, statement of owner’s equity, balance sheet, and statement of cash flows.... | {"uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_type": ".pdf", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-... |
0ce79d55-7c72-4f55-a024-f1f48d46c3e8 | [
0.05669519677758217,
-0.0020094034262001514,
-0.05856182426214218,
0.019014574587345123,
-0.049910493195056915,
0.024458054453134537,
0.0016317660920321941,
-0.047523342072963715,
0.07492688298225403,
-0.009609750472009182,
0.025780942291021347,
0.013247492723166943,
-0.06842754781246185,
... | including generally accepted accounting principles (GAAP), for both public- and private-sector businesses in
the United States.
As you may also recall, GAAP are the concepts, standards, and rules that guide the preparation and
presentation of financial statements. If US accounting rules are followed, the accounting ... | {"uploaded_via": "batch_uploader", "upload_timestamp": "2026-02-07T07:23:08.167529", "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "... |
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reliable. As a result, financial statement users are more informed when making decisions. The SEC not only
enforces the accounting rules but also delegates the process of setting standards for US GAAP to the FASB... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf"... |
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-0.02778... | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
117
statements have been audited by a Public Company Accounting Oversight Board (PCAOB) approved
auditor. The PCAOB is the organization that sets the auditing standards, after approval by t... | {"batch_upload": true, "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "title": "Principles of Accounting, Volume 1: Financial Accounting", "moddate": "2020-08-05T15:26:11-05... |
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-0... | company so that there is independence.
The nonprofit Center for Audit Quality explains auditor independence: “Auditors’ independence from
company management is essential for a successful audit because it enables them to approach the audit
with the necessary professional skepticism.”[1] The center goes on to identify ... | {"batch_upload": true, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_size_mb": 156.7, "file_type": ".pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89... |
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-0.0723... | financial statements of a company. According to the Center for Audit Quality, “By law, public companies’
annual financial statements are audited each year by independent auditors—accountants who examine
the data for conformity with U.S. Generally Accepted Accounting Principles (GAAP).”[2] The opinion from
the independ... | {"creator": "DocBook XSL Stylesheets V1.79.1", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "title": "Principles of Accounting, Volume 1: Financial Accounting", "creationdate": "2019-04-24T10:32:54-05:00", "moddate": "2020-08-05T15:26:11-05:00", "batch_upload": true, "file_type": ".pdf... |
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-0.03055631... | I F R S C O N N E C T I O N
GAAP, IFRS, and the Conceptual Framework
The procedural part of accounting—recording transactions right through to creating financial
statements—is a universal process. Businesses all around the world carry out this process as part of their
normal operations. In carrying out these step... | {"file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "... |
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-0.0... | Chapter 3 Analyzing and Recording Transactions
As you learned in Role of Accounting in Society, US-based companies will apply US GAAP as created by
the FASB, and most international companies will apply IFRS as created by the International Accounting
Standards Board (IASB). As illustrated in this chapter, the startin... | {"batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "producer": "Prince 11 (www.princexml.com)", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2... |
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-0.015398981980979443,
-0.031684838235378265,
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-0.... | GAAP and IFRS, these similar foundations result in different standards and/or different interpretations.
Once an accounting standard has been written for US GAAP, the FASB often offers clarification on how
the standard should be applied. Businesses frequently ask for guidance for their particular industry.
When the ... | {"file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", "moddate": "2020-08-05T15:26:11-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "producer": "Prince 11 (www.princexml.com)", "total_pages": ... |
52f956d4-4e2e-4de1-9411-f6815a06f47b | [
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0.02... | based legal and taxation systems to help guide their points of clarification and can even create
interpretations for specific industries. This means that interpretation and guidance on US GAAP
standards can often contain specific details and guidelines in order to help align the accounting process
with legal matters... | {"file_type": ".pdf", "moddate": "2020-08-05T15:26:11-05:00", "creator": "DocBook XSL Stylesheets V1.79.1", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "uploaded_via": "batch_uploader", "producer": "Prince 11 (www.princexml.com)", "total_pages": 1055, "source": "downloads\\business\\ac... |
8dfaaa38-4d0d-49de-bbf2-b58877a5e87f | [
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0.0557... | appropriate in a different country. This means that IFRS interpretations and guidance have fewer
detailed components for specific industries as compared to US GAAP guidance.
The conceptual framework sets the basis for accounting standards set by rule-making bodies that govern how
the financial statements are prepare... | {"uploaded_via": "batch_uploader", "total_pages": 1055, "creator": "DocBook XSL Stylesheets V1.79.1", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "batch_upload": true, "producer": "Prince 11 (www.princexml.com)", "file_size_mb": 156.7, "upload_timestamp": "2026-02-07T07:23:08.167529... |
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There also does not have to be a correlation between when cash is collected and when revenue is recognized.
A customer may not pay for the service on the day it was provided. Even though the customer has not yet paid
cash, there is a reasonable expectation that the customer will pay in the future. Since ... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "producer": "Prince 11 (www.princexml.com)", "file_type": ".pdf", "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL... |
e398a66f-228a-43d3-9882-0c80459d52cc | [
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-0.01753... | This OpenStax book is available for free at http://cnx.org/content/col25448/1.4
Chapter 3 Analyzing and Recording Transactions
119
date? Lynn should record revenue as earned on August 10. She provided the service to the customer, and
there is a reasonable expectation that the customer will pay at the later date.
E... | {"uploaded_via": "batch_uploader", "title": "Principles of Accounting, Volume 1: Financial Accounting", "source_file": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "creationdate": "2019-04-24T10:32:54-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529", ... |
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0.05583455413579941,
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-0.029494... | generated.
For example, if Lynn earned printing revenue in April, then any associated expenses to the revenue generation
(such as paying an employee) should be recorded on the same income statement. The employee worked for
Lynn in April, helping her earn revenue in April, so Lynn must match the expense with the reve... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_name": "FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "upload_timestamp": "2026-02-07T07:23:08.167529", "creationdate": "2019-04-24T10:32:54-05:00", "file_type": ".pd... |
7d8d8e04-ea04-4d6a-a6e7-d6f88a05dc5d | [
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0.02791448123753071,
-0.... | exceptions to this rule, but always apply the cost principle unless FASB has specifically stated that a different
valuation method should be used in a given circumstance.
The primary exceptions to this historical cost treatment, at this time, are financial instruments, such as stocks
and bonds, which might be record... | {"uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "producer": "Prince 11 (www.princexml.com)", "batch_upload": true, "creationdate": "2019-04-24T10:32:54-05:00", "file_name": "FinancialAccounting-OP.pdf", "upload_tim... |
a16e0575-9faf-4559-a142-2158e0eeecb1 | [
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0.05558519437909126,
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-0.020345820114016533,
0.020861074328422546,
-0.078561... | believes this is a bargain and perceives the value to be more at $60,000 in the current market. Even though
Lynn feels the equipment is worth $60,000, she may only record the cost she paid for the equipment of
$40,000.
Full Disclosure Principle
The full disclosure principle states that a business must report any bu... | {"file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "creator": "DocBook XSL Stylesheets V1.79.1", "upload_timestamp": "2026-02-07T07:23:08.167529", "file_size_mb": 156.7, "moddate": "2020-08-05T15:26:11-05:00", "batch... |
101638c0-6565-4248-8215-48ace31467a0 | [
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0.10574214905500412,
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-0.... | Separate Entity Concept
The separate entity concept prescribes that a business may only report activities on financial statements that
are specifically related to company operations, not those activities that affect the owner personally. This
concept is called the separate entity concept because the business is cons... | {"moddate": "2020-08-05T15:26:11-05:00", "file_type": ".pdf", "creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "uploaded_via": "batch_uploader", "creator": "DocBook XSL Stylesheets V1.79.1", "total_pages": 1055, "source_file": "downloads\\busi... |
342f4008-039b-4592-b71b-49174019e4af | [
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-0.02975... | determined, as when using the cost principle. Conservatism states that if there is uncertainty in a potential
financial estimate, a company should err on the side of caution and report the most conservative amount. This
would mean that any uncertain or estimated expenses/losses should be recorded, but uncertain or es... | {"uploaded_via": "batch_uploader", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "total_pages": 1055, "upload_timestamp": "2026-02-07T07:23:08.167529", "producer": "Prince 11 (www.princexml.com)", "file_name": "FinancialAccounting-OP.pdf", "title": "Principles of Accounting, Volume 1:... |
d9015154-68c5-4e4b-92ac-4d64a2d49bfb | [
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-0.0458158515393734,
-0.02410... | make financial decisions, because there is no comparability measurement between companies. This concept
ignores any change in the purchasing power of the dollar due to inflation.
Going Concern Assumption
The going concern assumption assumes a business will continue to operate in the foreseeable future. A
common tim... | {"file_type": ".pdf", "total_pages": 1055, "uploaded_via": "batch_uploader", "source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "moddate": "2020-08-05T15:26:11-05:00", "upload_timestamp": "2026-02-07T07:23:08.167529",... |
6e2321ae-3262-4122-9444-5b9aa5930780 | [
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0.07536774128675461,
0.054006028920412064,
-0.06570648401975632,
-0.07666150... | of losses.
Time Period Assumption
The time period assumption states that a company can present useful information in shorter time periods,
such as years, quarters, or months. The information is broken into time frames to make comparisons and
evaluations easier. The information will be timely and current and will gi... | {"source": "downloads\\business\\accounting\\FinancialAccounting-OP.pdf", "batch_upload": true, "creator": "DocBook XSL Stylesheets V1.79.1", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "total_pages": 1055, "title": "Principles of Accounting, Volume 1: Financial Accounting", "file_name": "... |
fa38c60f-1c4e-458d-ba3c-ebcdece34f5a | [
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0.02106928639113903,
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-0.... | company, and to help decide whether to invest. Because of the time period assumption, we need to be sure to
recognize revenues and expenses in the proper period. This might mean allocating costs over more than one
accounting or reporting period.
The use of the principles, assumptions, and concepts in relation to the... | {"creationdate": "2019-04-24T10:32:54-05:00", "file_hash": "89738e550d63820fbb3a833d14ab04029664bcb14dc631bb8a45f0af74d2d6b9", "file_type": ".pdf", "file_size_mb": 156.7, "file_name": "FinancialAccounting-OP.pdf", "moddate": "2020-08-05T15:26:11-05:00", "uploaded_via": "batch_uploader", "source_file": "downloads\\busin... |
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