Shared Flashcard Set

Details

Studies
accounting flash cards
5
Accounting
12th Grade
03/31/2014

Additional Accounting Flashcards

 


 

Cards

Term
Qualitative Characteristics
Definition
The qualities of the information in accounting reports
Term
Consistency
Definition
Accounting methods should be applied in a consistant manner to ensure that reports are comparable between periods
Term
Cash receipt
Definition
A source document used to verify cash received
Term
Bad Debt
Definition
An expense incurred when debt is written off because it is deemed to be irrecoverable
Term
GST settlement
Definition
A cash payment made to the ATO to settle the liability that occurs when GST on sales is greater than that on purchases
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