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Created by. acarey353. Start studying Accounting Chapter 1. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
An economic event that initiates the accounting process of recording it in the company's accounting system. The specific time period (beginning to end) for which the accounts are measured, aggregated, and at the end, financial statements are prepared. summary of the effects of all transactions related to a particular item over a period of time.
Accounting Chapter 1. Term. 1 / 27. accounting. Click the card to flip 👆. Definition. 1 / 27. The process of planning, recording, analyzing, and interpreting financial information. Click the card to flip 👆.
Cost Principle Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions. Dodd-Frank Wall Street Reform and Consumer Protection Act congressional act to promote accountability and transparency in the financial system, to end the notion of too big to fail, to protect the taxpayer by ending bailouts, and to protect ...
1. Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors. 3. Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors. 5.
In applying fundamental accounting concepts the preparer of financial information are also using A B standards C D accounting standards. C Chapter 1 : Introduction to accounting - question. Upgrade to remove ads Only $3/month. Which of following is an item of capital expenditure?
The accounting system is the backbone of any business entity, whether it is profit based or not. It is the responsibility of management to link the accounting system with other functional areas of the business and ensure that there is communication among employees, managers, customers, suppliers, and all other internal and external users of financial information.
