Acc211RJohnsonChapter1

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Created by: Ryan
  1. The entity concept is the idea that every business should track records in a way that clearly identifies it from others
  2. Accounting is fun
  3. The balance sheet is tracked as of a moment in time
  4. The income statement measures cash flow
  5. Tax is part of accounting
  6. Accounting is hard
  7. The IRS and GAAP are the same
  8. Accrual accounting means revenue when earned
  9. Bernie Madoff was a
  10. A=L +

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