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Notes payable 9,000 Total liabilities 16,156$ Stockholders' Equity Contributed capital 2,000$ Retained earnings 9,105 Total stockholders' equity 11,105 Total liabilities and stockholders' equity 27,261$ 1. Name of entity (the separate-entity assumption) 2. Title of statement 3. Specific date (financial snapshot at a specific point in time) 4. FINANCIAL ACCOUNTING STANDARDS BOARD In 1973, an independent full-time organization called the Financial Accounting Standards Board (FASB) was established, and it has determined GAAP since then. Statements of Financial Accounting Standards (SFAS) These statements establish GAAP and define the specific methods and procedures for.
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Studying 26883 Financial Accounting at Universiteit Stellenbosch? On StuDocu you find all the lecture notes, study guides and practice materials for this course. 2 LOVELY PROFESSIONAL UNIVERSITY Financial Accounting - II Notes 1.1 Meaning A partnership is like a proprietorship in many ways except that it has two or more co-owners. The partners share the profits and losses according to a sharing pattern already agreed.