Acc. Chp. 1 Word Scramble
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Question | Answer |
The purpose of accounting? | to provide financial information to assist decision making. |
Define: financial data | raw facts and figures upon which financial information is based |
Define: financial information | financial data that has been sorted, classified and summarized into a more usable and understandable form |
What do source documents provide? | Evidence that a transaction has occurred and the details of the transaction |
Describe the accounting process | Sources documents -> records -> reports -> provides advice |
List the accounting principles (CHERMCG) | Conservatism, Historical Cost, Entity, Reporting Period, Monetary Unit, Consistency, Going Concern |
List the accounting qualitative characteristics (CURRY) | Comparability, Understandablility, Reliability and Relevance |
State the elements of financial statements | assets, liabilities, owners equity, revenue and expenses |
Created by:
abbylea
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