Accounting 1 Module 1
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Last updated 4:34 PM on 4/16/25
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4 Terms
1
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What is accounting?
The language of business- a tool that summarizes a firm's financial picture
2
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What essentially summarizes a company's net worth at any given point in time and shows what the company owns, what it owes, and what its net worth is?
Balance sheets
3
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What describes the company's financial performance for the current year, indicating whether value was created or destroyed?
Income statement (profit and loss statement)
4
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What is the largest expense items of companies?
Taxes (15-30%)
Note 
Flashcards (30)