Term
|
Definition
| Changes in Finnancial info are reported for a specific period of time in the form of Finnancial Statements. |
|
|
Term
|
Definition
| Finnnacial statements contain all information neccessary to understand a bussiness's condition. |
|
|
Term
|
Definition
| Owner's finnancial info is recorded seperatly from a company's. |
|
|
Term
|
Definition
| Same accounting procedures every accounting period. |
|
|
Term
|
Definition
| Statements are preparedwith the expectation that a business will continue indefintly. |
|
|
Term
|
Definition
| The actual amount paid for items is recorded. |
|
|
Term
| Matching Expenses w/ Revenus |
|
Definition
| Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. |
|
|
Term
|
Definition
| Source Document prepared for each transaction |
|
|
Term
|
Definition
| Revenue is recorded at the time goods or services are sold. |
|
|
Term
|
Definition
| Business transactions are stated in numbers that have common values - that is using a common unit of measurement |
|
|
Term
|
Definition
- Analyze transactions
- Record Transactions
- Post to Ledger
- Work sheet w. trial balance is prepared
- Finnancial Statements are prepared
- Adjusting and closing entries journalized
- adjusting and closing entries are posted to ledger
- Post Closing trial balance is prepared from general ledger
|
|
|
