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AR Acct II-11concept

Arkansas Accounting II - 11 accounting concepts

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