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Details Title: Accounting Final Exam Description: Accounting Concepts Total Flash Cards: 11 Created: 06/12/2006 18:39:11	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards 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 Analyze transactions Record Transactions Post to Ledger Work sheet w. trial balance is prepared Finnancial Statements are prepared Adjusting and closing entries journalized adjusting and closing entries are posted to ledger Post Closing trial balance is prepared from general ledger