A record summarizing all the information pertaining to a single item in the accounting equation.
The series of accounting activities included in recording financial information for fiscal period.
An equation showing the relationship among assets, liabilities, and owner's equity.
Accounting Period Cycle Concept
Changes in financial information are reported for a specific period of time in the form of financial statements.
A planned process for providing financial information that will be useful to management.
Adequate Disclosure Concept
Financial statements that contain all information necessary to understand a business's financial condition.
Journal entries recorded to update general ledger accounts at the end of the fiscal period.
Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
Business Entity Conept
Financial information is recorded and reported separately from the owner's personal financial information.
Consistent reporting concept
The same accounting procedures are followed in the same way on each accounting period.