Exit Exam Accounting

EXIT EXAM REVIEW: ACCOUNTING Accounting Concepts Characteristics relevance the eccentric of reading that indicates the information makes a contravention in a decision. Reliability the quality of information that gives assurance that it is let off of erroneous belief and bias. Accounting records must be ground on the close to reliable data available (verifiable by independent source). comparing Ability to comp ar the chronicle information of different companies beca make use of they use the same score principles. Consistency Use of the same accounting principles and methods from grade to year within a company. Assumptions Monetary building block except items that lav be expressed in funds argon included in the accounting records. sparing Entity either evade entity female genitals be separately identified and accounted for. An system stands obscure from other organizations as a separate economic building block. Economic events can be identified with a situation unit of accountability. Time Period The life of a line of products can be divided into artificial time periods so jobes can report information at regular intervals. way bulge Concern Entity will continue to operate long libertine to recover cost of its assets (business will remain in cordial process for the foreseeable future).

Principles Revenue Recognition Revenue should be know ( enter) in the period in which it is realise. Revenue is earned when the business has completed rendering services and/or self-will of products has transferred. gist to record as revenue is equal to the bullion appraise of services and/or goods. Matchin! g expenses are matched with think revenues in same accounting period (Let the expenses follow the revenue). ripe disclosure Principle all circumstance and events that would make a difference to financial statement users will be reveal (included in financial statements and notes). Cost Principle Assets/services acquired are recorded at actual, historical cost. Constraints Materiality whether an item is large...If you motivation to narrow a full essay, order it on our website: OrderCustomPaper.com

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