Details

Title: Accounting Final Exam

Description: Accounting Concepts

Total Flash Cards: 11

Created: 06/12/2006 18:39:11

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Additional Accounting Flashcards

Cards in this set:

Term
Accounting Period Cycle
 Definition
Changes in Finnancial info are reported for a specific period of time in the form of Finnancial Statements.
Term
Adequate Disclosure
 Definition
Finnnacial statements contain all information neccessary to understand a bussiness's condition.
Term
Business Entity
 Definition
Owner's finnancial info is recorded seperatly from a company's.
Term
Consistent Reporting
 Definition
Same accounting procedures every accounting period.
Term
Going Concern
 Definition
Statements are preparedwith the expectation that a business will continue indefintly.
Term
Historical Cost
 Definition
The actual amount paid for items is recorded.
Term
Matching Expenses w/ Revenus
 Definition
Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
Term
Objective Evidence
 Definition
Source Document prepared for each transaction
Term
Realization of Revenue
 Definition
Revenue is recorded at the time goods or services are sold.
Term
Unit of Measurement
 Definition
Business transactions are stated in numbers that have common values - that is using a common unit of measurement
Term
**Accounting Cycle**
 Definition
  1. Analyze transactions
  2. Record Transactions
  3. Post to Ledger
  4. Work sheet w. trial balance is prepared
  5. Finnancial Statements are prepared
  6. Adjusting and closing entries journalized
  7. adjusting and closing entries are posted to ledger
  8. Post Closing trial balance is prepared from general ledger