What are the standards and rules that accountants follow while recording and reporting financial activities? FASB (Financial Accounting Standards Board) IFRS (International Financial Reporting Standards) IASB (International Accounting Standards Board) GAAP (Generally Accepted Accounting Principles)

GAAP (Generally Accepted Accounting Principles)

What principle states that accounting information is based on actual cost? Revenue Recognition Principle Measurement Principle (Cost Principle) Matching Principle Full Disclosure Principle

Measurement Principle (Cost Principle)

Accounting Fundamentals: Financial Statement Components and Accounting Principles

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Finance - Personal Finance

jake12testoswi Created by 10 mon ago

Cards in this deck(22)

What is the information and measurement system that identifies, records, and communicates an organization's business activities?

What term describes the resources owned by a company?

What process examines whether financial statements are prepared using GAAP?

Which financial statement reports assets, liabilities, and owner's equity on a specific date?

What is the recording of transactions and events, also known as recordkeeping?

Who are the users that do not directly run the organization and have limited access to its accounting information?

Who are the persons using accounting information who are directly involved in managing the organization?

What is the process of presentation of data to identify meaningful relations and trends?

What are the standards and rules that accountants follow while recording and reporting financial activities?

What principle states that accounting information is based on actual cost?

What principle dictates that revenue is recognized (1) when goods or services are provided and (2) at the amount expected to be received from the customer?

What principle states that a company records the expenses it incurred to generate the revenue reported?

What is the term for when a corporation has only one class of stock?

What are creditor's claims on assets called?

What is the owner's (stockholders) claim on assets known as?

What term describes increased equity (via net income) from sales of products and services to customers?

What term describes decreased equity (via net income) from the cost of providing products and services to customers?

What occurs when revenues exceed expenses?

Which financial statement provides financial information about the cash receipts and cash payments of a business for a specific period of time?

What is a graphical presentation of data to help people understand their significance?

Which financial statement reports how retained earnings change over the reporting period?

Which financial statement reports the profitability of a business over a specific period of time?

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Accounting Fundamentals: Financial Statement Components and Accounting Principles

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