Create an account
full disclosure principle
report what a reasonable person needs to know in order to make and informed decision
company should choose the accounting method that will least likely overstate assets or income
most important information to determine if companies can pay there current obligations
going concern assumption
how info shud be recorded, what shud be disclosed, how should info be disclosed, what financial statements should be prepared
time period assumption
allows the business to be divided into artificial time periods like months quarters or years
statement that reports the assets and claims to those assets at a specific point in time
presents revenues and expenses and resulting net income or net loss of a company for a specific period
retained earnings statement
summarizes the amounts and causes of changes in retained earnings for a specific period of time
increase in assets that result from the sale of a product or service in the normal course of business
statement of cash flows
provides financial information about the cash receipts and cash payments of a business for a specific period of time
trial balance is a listing of?
names and balances of all the accounts in the order in which they appear
economic entity assumption
economic events can be identified with a particular unit of accountability
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