
Accounting Concepts
Flashcard
•
Business
•
University
•
Hard
Hajijah Metasim
Used 1+ times
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12 questions
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1.
FLASHCARD QUESTION
Front
A business is an entity that is separate from its owner(s)
Back
Business entity
2.
FLASHCARD QUESTION
Front
Only activities that can be reliably and objectively measured in terms of money should be recorded in the accounting books
Back
Money measurement
3.
FLASHCARD QUESTION
Front
A transaction should not be recorded and included in the financial statements until it has actually happened and has been realized
Back
Realisation
4.
FLASHCARD QUESTION
Front
Revenue earned and expenses incurred should be recorded at the time they take place, and not at the time they are actually paid for
Back
Accrual/matching
5.
FLASHCARD QUESTION
Front
Financial statements are prepared on the basis that the business will continue for the foreseeable future
Back
Going concern
6.
FLASHCARD QUESTION
Front
Assets, liabilities and items of revenue and expense are recorded and reported at their actual cost and not the current value
Back
Historical cost
7.
FLASHCARD QUESTION
Front
Accounting information must be free from bias and supported with verifiable evidence/document
Back
Objectivity
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