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Terms

Accounting terms

QuestionAnswer
States that everything the company owns, or controls (assets) must be recorded at their value at the date of acquisition, Cost Principle
Businesses must report any business activities that could affect what is reported on the financial statements. Full Disclosure Principle
Businesses may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally. Economic Entity Concept
System of using a monetary by which to value the transaction, such as the U.S dollars. Monetary Unit
If uncertainty in potential financial estimate, a company should err on the side of caution and report the most conservative amount. Conservatism
Period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized. Revenue Recognition Principle
Created by: Dynesty
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