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6 Cards in this Set
- Front
- Back
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Chapter 1 |
Business Entity - Is applied when a business's financial information is recorded and reported separately from the owner's personal financial information. Unit of Measurement - is applied when business transactions are stated in numbers that have common values; that is. using a common unit of measurement. Going Concern - is applied when financial statements are prepared with the expectation that a business will remain in operation indefinitely. |
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Chapter 2 |
Realization of Revenue - is applied when revenue is recorded at the time goods or services are sold. |
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Chapter 4 |
Objective Evidence - is applied when a source of document is prepared for each transaction. |
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Chapter 7 |
Accounting Period Cycle- is applied when changes in financial information are reported for a specific period of time in he form of financial statements. Consistent Reporting - is applied when the same accounting procedures are followed in the same way in each accounting period. Matching Expenses with Revenue - is applied when an accounting practice whereby firms recognize revenues and their related expenses in the same accounting period. |
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Chapter 8 |
Adequate Disclosure - is applied when financial statements contain all information necessary to understand a business's financial condition. |
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Chapter 10 |
Historical Cost- is applied when the actual amount paid for merchandise or other items bought is recorded. |
