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Acc. Chp. 1

Accounting Chapter One summary

QuestionAnswer
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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