Shared Flashcard Set

Details

Title

ACCT 6050

Description

Intro to Accounting for MBA's

Total Cards

Subject

Accounting

Level

Graduate

Created

09/11/2018

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Additional Accounting Flashcards

Term

GAAP

Definition

Generally Accepted Accounting Principles

Term

Historic Cost

Definition

Items are on the books for what they were acquired for. That cost is verifiable.

Term

Revenue Recognition

Definition

Revenue is recognized when services are performed or the deed changes hands

Term

Matching Principle

Definition

Expenses for the goods are recognized when the revenues are recognized (ie sell a goat, recognize the revenue and COGS)