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3 Cards in this Set
- Front
- Back
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Accounting. Concept |
The concept that income determination can be made on a periodic basis such as month, quarter, year. Any accounting period of 12 months is called a fiscal year. |
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Withdrawals |
The owner taking cash or other assets from the business for personal use, reduces owner's equity and assets, refer to as a drawing. |
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Financial statements |
Income statement, statement of owner's equity, balance sheet |
