Accounting ch 6
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Created by:
carteryocom_08 on October 24, 2011
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6 terms
Terms | Definitions |
|---|---|
 business entity | financial information is recorded and reported separately from the owner's personal financial information |
| Consistent Reporting | the same accounting procedures are followed in the same way in each accounting period |
| Going concern | financial statements are prepared with the expectation that a business will remain in operation indefinitely |
| Matching expenses with revenue | Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period |
| objective evidence | A source document is prepared for each transaction |
| Accounting period cycle | changes in financial information are reported for a specific period of time in the form of financial statements |
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