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Principles
Accounting Equation
Financial Statements
Accounting General
Accounting Assumptions
100
A company must record expenses it incurred to generate revenue reported.
What is matching principle
100
Assets=Liabilites+Equity
What is the Accounting Equation
100
Identifies cash inflows and outflows over a period of time
What is Statement of Cash flows.
100
Information and measurement system that identifies, records, and communicates relevant, reliable, and compareable information about an organizations business activties.
What is Accounting?
100
Company can express transactions and events in monetary, or money, units.
What is Monetary Unit Assumption
200
Company must report the details behind financial statements that would impact users' decisions.
What is Full disclosure principle.
200
These are creditors claims on assets.
What is Liabilites
200
A company's financial position at a point in time
What is Balance Sheet
200
Lenders, Shareholders, Governments, Consumer groups, and customers are a few of these users not directly involved in running the organization.
What is External Users?
200
Proprietorship, Partnership, or corporation
What is three legal forms of a business entity.
300
Accounting information is based on actual cost.
What is Cost principle (measurement principle)
300
Assets=Liabilites+Owner, Capital-Owner, Withdrawls+Revenues-Expenses
What is Expanded accounting equation
300
A company's revenues and expenses along with the resulting net income or loss overa period of time due to earnings activites.
What is Income statement
300
Officers, Managers, Sales staff, budget officers and controllers are a few of the groups involved directly in managing operating and organization.
What is internal users?
300
The accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
What is Going-concern Assumption
400
Accounting principles consist of
What is four basic principles, four assumptions, and two constraints.
400
These are resources a company owns or controls.
What is Assets
400
Income Statement Statement of Owner's Equity Balance Sheet Statement of Cash Flows
What is the order of financial statements
400
These are beliefs that distinguis right from wrong.
What is ethics?
400
A business is acccounted for separetely from other business entites, including its owner.
What is Business Entity Assumption
500
Provides guidance on when a company must recognize revenue.
What is recognition prinicple
500
This is the Owner's claim on assets
What is Owner's Equity
500
Explains changes in equity from net income (or loss) and from an owner investments and withdrawls overa period of time
What is Statement of Owner's Equity
500
The FASB and IASBhas set up conceptual framework that guids standard setting.
What is objectives, qualitative characteristics, elements, and recognition and measurement.
500
The life of a company can be divided into time periods, such as months, and that useful reports can be prepared for those periods.
What is Time period assumption