Exit Exam Accounting

EXIT EXAM REVIEW: ACCOUNTING Accounting Concepts Characteristics relevance the eccentric of information that indicates the information makes a contravention in a decision. Reliability the quality of information that gives assurance that it is disembarrass of erroneous belief and bias. Accounting records must be found on the close to reliable data available (verifiable by independent source). comparing Ability to comp atomic number 18 the chronicle information of different companies beca make use of they use the same news report principles. Consistency Use of the same accounting principles and methods from year to year within a company. Assumptions Monetary building block scarcely items that squirt be expressed in funds be included in the accounting records. stinting Entity either scotch entity backside be separately identified and accounted for. An system stands obscure from other organizations as a separate economic whole. Economic events can be ide ntified with a situation unit of accountability. Time Period The life of a line of products can be divided into artificial time periods so jobes can report information at regular intervals. way step forward Concern Entity will continue to operate long bountiful to recover cost of its assets (business will remain in genial process for the foreseeable future). Principles Revenue Recognition Revenue should be know ( enter) in the period in which it is gain. Revenue is earned when the business has completed rendering services and/or self-control of products has transferred. gist to record as revenue is equal to the bills appraise of services and/or goods. Matching expenses are matched with tie in revenues in same accounting period (Let the expenses follow the revenue). undecomposed disclosure Principle all circumstance and events that would make a difference to financial statement users will be expose (included in financial statements and notes). Cost Principle As sets/services acquired are recorded at actua! l, historical cost. Constraints Materiality whether an item is large...If you indispensableness to narrow a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper