natural hair
owners board of directors and managers are these types of users
what is internal
ACCOUNTING INFORMATION SHOULD BE REPORTED IN A WAY THAT IS EASILY COMPREHENDED
WHAT IS UNDERSTANDIBILITY
This convention emphasizes that the business owner and the business itself are completely separate and provides continuity for the business beyond the involvement of any individual.
What is Business Entity
This is the assignment of various steps in a process to different people. The intent behind doing so is to eliminate instances in which someone could engage in theft or other fraudulent activities by having an excessive amount of control over a process.
What is segregation of duties
accounts received is also called
what is debtors
These are rules standards and broad guidelines designed to promote good accounting practices
what is GAAP
ACCOUNTING INFORMATION SHOULD BE TIMELY AND HAVE THE CAPABILITY TO PROVIDE FEEDBACK AND MAKE PREDICTIONS
WHAT IS RELEVANCE
This concept states that a business should only record an accounting transaction if it can be expressed in terms of money
What is The money measurement
paperwork should verify a transaction took place it should be prenumbered clear and simple and designed for multiple users
what is adequate documentation
accounts payable is also referred to as
what is creditors
EMPLOYEES CUSTOMERS AND GOVERNMENT ARE EXTERNAL USERS ALSO KNOWN AS ......................USERS
WHAT IS SECONDARY USERS
ACCOUNTING INFORMATION SHOULD BE FREE OF ERRORS AND BIAS
WHAT IS RELIABILITY
An accounting technique that values an asset for balance sheet purposes at the price paid for the asset at the time of its acquisition.
what is the historical cost concept
the work should be divided in such a manner that the work of one acts as a check on that of another
what is independent internal verification
control accounts check the ................ .....................of a single ledger
what is arithmetical accuracy
THIS IS THE MOST IMPORTANT REASON FOR THE PREPARATION OF ACCOUNTING INFORMATION
WHAT IS PLANNING AND DECISION MAKING
ACCOUNTING INFORMATION FROM AN ENTITY SHOULD BE CONTRAST WITH THOSE OF OTHER SIMILAR ENTITIES
WHAT IS COMPARABILITY
This principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognized after it has been earned.
What is realization
transactions are executed in accordance with the management's general or specific permission
what is proper authorization
this checks the arithmetic balance of all the ledgers
what is a trial balance
ITEMS BEING THE RESULT OF ESTIMATES
ACCOUNTING POLICIES DIFFERING FROM FIRM TO FIRM
ONLY ITEMS OF MONETARY VALUE BEING RECORDED ARE ALL ..................... OF ACCOUNTING INFORMATION
WHAT ARE LIMITATIONS
THE SAME ACCOUNTING METHOD AND PRINCIPLES SHOULD BE USED FROM YEAR TO YEAR
WHAT IS CONSISTENCY
This Concept is a fundamental convention of accounting that necessitates recognizing all aspects of an accounting transaction. This concept is the underlying basis for the double-entry accounting system.
what is the Dual Aspect Concept
these are actually mechanical and electronic devices to safeguard high-value tangible resources
what are physical safeguards of assets
the balance on the control accounts should ..............the total of the balances of the ledger it controls
what is equal