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Accounting Basics

Accounting Basics (Flashcards: Double-sided). Harold Averkamp CPA, MBA. Our materials are copyright AccountingCoach, LLC and are for personal use by the original purchaser only. We do not allow our materials to be reproduced or distributed elsewhere. Instructions The following flashcards are intended for double-sided or duplex printing. Each term and definition is numbered in the lower, right-hand corner of the card. When printed correctly, Definition A1 will appear on the back of Term A1.. If your printer has a special duplex option, you can use it to automatically print this double-sided PDF.

accounting equation. Deferred revenues are one of these. Under the accrual method, these costs are reported on the income statement when they have been used up in the process of earning revenues. This term indicates the left side of a general ledger account. It is also the normal balance for asset, expense, and loss accounts.

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Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour.

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A Story for Relating to Accounting Basics We will present the basics of accounting through a story of a person starting a new business. The person is Joe Perez—a savvy man who sees the need for a parcel delivery service in his community. Joe has researched his idea and has prepared a business plan that documents the viability of his new business.

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