Set: Accounting Concepts

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All 10 terms

TermDefinition
Business EntitiyFinancial information is recorded and reported separately from the owner's personal financial information.
Unit of MeasurementBusiness transactions are stated in numbers that have common values: that is, using a common unit of measurement.
Consistent ReportingThe same accounting procedures are followed in the same way in each accouting period.
Objective EvidenceA source document is prepared for each transaction.
Going ConcernFinancial statements are prepared with the expectation that a business will remain in operation indefinitely.
Historical CostThe actual amount paid for merchandise or other items bought is recorded.
Realization of RevenueRevenue is recorded at the time goods or services are sold.
Accounting Period CycleChanges in financial information are reported for a specific period of time in the form of financial statements.
Adequate DisclosureFinancial statements contain all information necessary to understand a business' financial condition.
Matching Expenses with RevenueRevenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.

Set Information

Terms 10
Creator kiestler
Created April 27, 2009
Groups None
Subjects None
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Most Missed Words

  1. Adequate Disclosure Financial statements contain all information necessary to understand a business' financial condition. - 4 misses
  2. Going Concern Financial statements are prepared with the expectation that a business will remain in operation indefinitely. - 3 misses
  3. Accounting Period Cycle Changes in financial information are reported for a specific period of time in the form of financial statements. - 3 misses
  4. Objective Evidence A source document is prepared for each transaction. - 3 misses
  5. Consistent Reporting The same accounting procedures are followed in the same way in each accouting period. - 3 misses
  6. Matching Expenses with Revenue Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. - 3 misses
  7. Realization of Revenue Revenue is recorded at the time goods or services are sold. - 2 misses