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Flash Card Slides
Flash Card Slides
Accounting
Terms, Principles, Conventions,
Assumptions, Constraints and
Internal Control Principles
Accounting Flash Card Slides
Accounting Terms
The increase in assets that
result from the sale of a
Revenues
product or service in the
normal course of business.
The cost of assets Expenses
consumed or services used
in the process of generating
revenues.
Resources owned by a Assets
business.
The debts and obligations of Liabilities
a business. Liabilities
represent the amounts
owed to creditors.
Stockholders’
The stockholders’ claim on
total assets.
equity
Accounting Flash Card Slides
.
Use of the same accounting
principles and methods from year Consistency
to year within a company.
Ability to compare the accounting
information of different companies Comparability
because they use the same
accounting principles.
The quality of information that
indicates the information makes a Relevance
difference in a decision.
.
The quality of information that
gives assurance that it is free of
Reliability
error and bias.
.
Accounting Flash Card Slides