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Chart of Accounts > Concepts > Flashcards

Concepts Flashcards

1
Q

Quality accounting is…

A

Relevant

Represented faithfully

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2
Q

Quality accounting (faithful, relevant) is enhanced to become

A 
Verifiable
Consistent
Comparable
Understandable
Timely
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3
Q

Assumptions

A

Monetary Unit

Economic Entity

Periodicity

Going Concern

Accrual Basis

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4
Q

Principles

A

Cost

Fair Value

Full Disclosure

Revenue Recognition

Expense Recognition

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5
Q

Constraints

A

Materiality

Cost

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Chart of Accounts (61 decks)

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