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Terms

TermDefinition
Accrual Principle Revenue and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
Conservatism Principle When choosing between solutions, the one that is least likely to overstate assets and income should be selected.
Consistency Principle Once an accounting method is adopted, it should be used consistently across reporting periods unless a change is warranted and disclosed.
Cost Principle Assets should be recorded at their historical cost, meaning the price paid to acquire them.
Going Concern Principle Assumes that a business will continue to operate indefinitely unless there is evidence to the contrary.
Economic Entity Principle The financial activities of a business must be kept separate from those of its owners or other businesses.
Full Disclosure Principle Financial statements should disclose all relevant information that could affect the understanding of a reader.
Matching Principle Expenses should be recorded in the same period as the revenues they help to generate.
Materiality Principle Financial reporting should focus on information that is significant enough to influence the decisions of users.
Reliability Principle Financial information should be accurate and verifiable, ensuring users can rely on it for decision-making.
Time Period Principle Businesses should report financial results over specific periods, such as quarterly or annually, to provide timely information.
Revenue Recognition Principle Revenue is recognized when it is earned and realizable, not necessarily when cash is received.
GAAP (Generally Accepted Accounting Principles): A collection of commonly followed accounting rules and standards for financial reporting in the U.S., designed to ensure consistency and transparency in financial statements.
Created by: Dynesty
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