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7 Cards in this Set
- Front
- Back
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adequate disclosure
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when financial statement contains all information necessary to understand a business's financial condition
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accounting period cycle
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when changes of financial infomation is reported for a specific period of time in a form of a financial statements
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going concern
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when financial statments are prepared with the expectation that a business will remain in operation indefinetly
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matching expences with revenue
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applied when revenue from business activities and expences associated with earnings that revenue are recorded in the same accounting period
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historical cost
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when the actual amount paid for merchandise or other items bought is recorded
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objective evidence
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when a sorce document is prepaied for each transaction
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realization of revenue
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when revenue is recorded at the time when goods or services are sold
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