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Chapter 1

TermDefinition
External users Users of Accounting information not directly involved in running the organization
Internal users Users of Accounting information that are directly involved in managing and operating an organization.
GAAP Generally accepted accounting principles
General principles Basic assumptions, concepts, and guidelines for preparing financial statements
Specific principles Detailed rules used in reporting business transactions and events.
Cost principle Prescribes that accounting information is based on actual cost. Measurement principle or historic cost principle
Revenue recognition principle The amount received from selling products and services. Provides guidance on when a company must recognize revenue.
Created by: drwilliamstn
Popular Accounting sets

 

 



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