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A _ A7
Changes in the Developments in accounting particularly ﬁnancial accounting have con
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accounting period accounting principles accounting records Accounts Payable accounts receivable actual adjusting entries amortization amount bad debts balance sheet beneﬁts bond book value calculation called cash ﬂow statement cash inﬂows Chapter common stock company’s concept corporation cost centers cost object cost of sales current assets current liabilities debit December 31 decrease deﬁnition depreciation expense described difference difﬁcult direct labor discount dividends entity entity’s equipment equity estimated example FASB ﬁnancial accounting ﬁnancial statements ﬁnancing ﬁrm ﬁrst ﬁxed costs full cost GAAP income statement income tax increase interest expense inventory investment LIFO loan management accounting material measure ment merchandise method Music Mart operations organization outﬂows overhead costs owners paid paid-in capital payments percent present value production cost proﬁt purchase ratio reﬂect reported retained earnings sales revenue selling shareholders signiﬁcant sold speciﬁc standard cost tax expense tion transaction unit variable costs variance volume year’s