Accounting Chapter One summary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The purpose of accounting? | to provide financial information to assist decision making.
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| Define: financial data | raw facts and figures upon which financial information is based
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| Define: financial information | financial data that has been sorted, classified and summarized into a more usable and understandable form
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| What do source documents provide? | Evidence that a transaction has occurred and the details of the transaction
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| Describe the accounting process | Sources documents -> records -> reports -> provides advice
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| List the accounting principles (CHERMCG) | Conservatism, Historical Cost, Entity, Reporting Period, Monetary Unit, Consistency, Going Concern
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| List the accounting qualitative characteristics (CURRY) | Comparability, Understandablility, Reliability and Relevance
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| State the elements of financial statements | assets, liabilities, owners equity, revenue and expenses
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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