3. Financial Statement Elements Definition of Assets,
Liabilities and Equity Assets and Liabilities can be long
term,short term. Equity has contributed capital, retainedearnings,
treasury shares etc. Rapid Finance
5. Accounting Process Start a telephone company with $10,000 I
buy furniture, buy cables and telephone boxes Sell the inventory
The Year Ends Check Article For More Details Rapid Finance
6. Accrual Process Of Accounting Unearned Revenue, cash comes
first, a liability iscreated. Accrued Revenue, cash comes later, an
asset iscreated. Prepaid Expense, cash paid first, an asset
iscreated. Accrued Expense, cash comes later, a liability
iscreated.Rapid Finance
7. Financial Statements in Security Analysis Considerable
Judgment Is Involved Misrepresentation Rapid Finance
