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Maplewood Rice

Accounting Concepts

QuestionAnswer
Changes in financial information are reported for a specific period of time Accounting Period Cycle
Financial statements contain all information necessary to understand a business' financial condition Adequate Disclosure
Financial information is recorded and reported separately from the owner's personal financial information Business Entity
The same accounting procedures must be followed in the same way in each accounting period Consistent Reporting
Financial statements are prepared with the expectation that a business will remain in operation indefinitely Going Concern
The actual amount paid for merchandise or other items bought is recorded Historical Cost
The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period Matching Expenses with Revenue
Business activities creating dollar amounts large enough to affect business decisions should be recorded and reported separately Materiality
A source document is prepared for each transaction Objective Evidence
Revenue is recorded at the time goods or services are sold Realization of Revenue
Business transactions are reported in number that have common values--the dollar in the U.S. Unit of Measurement