ACCOUNTING CYCLE Flashcards
(7 cards)
1
Q
Involve exchanging of goods
A
Business transaction
2
Q
Quantified as monetary terms
A
Monetary measurement
3
Q
Between business and third party
A
Parties involve
4
Q
Not individual purposes — works in behalf of business
A
Purpose
5
Q
Recorded on legitimate documents like invoice or receipt
A
Document
6
Q
Do not involve commercial transactions
More likely a responsibility
A
Non business transaction
7
Q
Do not involve sale/purchase
A
No monetary exchange
