ACG Chapter 1 Homework
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Office Store Company has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the equity for Office Store Company at year-end?
$123,000=$47,000+76,000
An assessment of whether financial statements follow GAAP.
Audit
Principles that determine whether an action is right or wrong.
Ethics
A group that sets accounting principles in the United States
FASB
Amount a business earns in excess of all expenses and costs associated with its sales and revenues.
Net income
Accounting professionals who provide services to many clients.
Public accountants
