Parson - Accounting Concepts
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| is to take the safe route. In reporting the financial position of a business, the conservatism principle states that it is best to present amounts that are least likely to result in an overstatement of income or assets. | Conservatism
🗑
|
||||
| If something is important the information is deemed relative & should be included in financial reports. | Materiality
🗑
|
||||
| means the information “makes a difference” to a user in reaching a business decision. | Relevant
🗑
|
||||
| Information must be free from significant error and free from bias... Users of accounting data assume that the data are reliable. | Reliable
🗑
|
||||
| information can be compared from year to year, and from business to business. The same type of statements, therefore are prepared at the end of each period. | Comparable
🗑
|
||||
| This concepts is applied when financial statements contain all information necessary to understand a business’s financial condition. | Adequate Disclosure (Full Disclosure
🗑
|
||||
| Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. | Revenue or Matching Principle
🗑
|
||||
| Changes in financial information are reported for a specific period of time in the form of financial information. | Accounting Period Cycle
🗑
|
||||
| The same accounting procedures are followed in the same way in each accounting period. | Consistent Reporting
🗑
|
||||
| This principle is applied when a source document is prepared for each transaction. | Objective Evidence
🗑
|
||||
| Revenue is recorded at the time goods or services are sold. | Realization of Revenue
🗑
|
||||
| Financial statements are prepared with the expectation that a business will remain in operation indefinitely. | Going Concern
🗑
|
||||
| Financial information is recorded and reported separately from the owner’s personal financial information. | Business Entity
🗑
|
||||
| Business transaction are stated in numbers that have common values; that is, using a common unit of measurement. | Unit of Measurement
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
yparson
Popular Accounting sets