Professional Documents
Culture Documents
Accounting
Terms, Principles, Conventions,
Assumptions, Constraints and
Internal Control Principles
Accounting Flash Card Slides
Accounting Terms
The increase in assets that
result from the sale of a
Revenues
product or service in the
normal course of business.
The cost of assets Expenses
consumed or services used
in the process of generating
revenues.
Resources owned by a Assets
business.
The debts and obligations of Liabilities
a business. Liabilities
represent the amounts
owed to creditors.
Stockholders’
The stockholders’ claim on
total assets.
equity
Accounting Flash Card Slides
.
Use of the same accounting
principles and methods from year Consistency
to year within a company.
Ability to compare the accounting
information of different companies Comparability
because they use the same
accounting principles.
The quality of information that
indicates the information makes a Relevance
difference in a decision.
.
The quality of information that
gives assurance that it is free of
Reliability
error and bias.
.
Accounting Flash Card Slides