BAF3M EXAM REVIEW

Navy 3M fw


Studyfwonlinefwatfwhttps://quizlet.com/
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BAF3M EXAM REVIEW

Accountingfwcyclefw-fwanswer--
totalfwsetfwoffwaccountingfwproceduresfwthatfwmustfwbefwcarriedfwoutfwduringfweachfwfiscalfwperiod

Fiscalfw(accounting)fwperiodfw-fwanswer--Periodfwoffwtimefwoverfwwhichfwthefwearningsfwoffwafwbusinessfwarefwmeasured

Typesfwoffwownershipfw-fwanswer--Solefwproprietorship
Partnership
Corporation

Businessfwentityfwconceptfw-fwanswer--Personalfwfinancesfwhavefwtofwbefwkeptfwseparatefwfromfwbusinessfinances

Costfwprinciplefw-fwanswer--
Everythingfwlistedfwonfwthefwbalancefwsheetfwshouldfwbefwlistedfwatfwcostfwpricefw(pricefwyoufwboughtfwitfwat)

Fundamentalfwaccountingfwequationfw-fwanswer--Afw=fwLfw+fwOE

Revaluationfwmodelfw-fwanswer--
AnfwIFRSfwrulefwthatfwallowsfwaccountantsfwtofwrecordfwassetsfwatfwtheirfwmarketfwratherfwthanfwhistoricfwvalues

Howfwdofwyoufwknowfwiffwafwbusinessfwisfwafwcorporation?fw-fwanswer--ThefwnamefwendsfwinfwInc.,fwLtd.,fworfwCo.

Statementfwoffwfinancialfwpositionfw-fwanswer--ThefwIFRSfwnamefwforfwafwbalancefwsheet

Liquidityfw-fwanswer--Howfweasilyfwanfwassetfwcanfwbefwchangedfwintofwcash

Objectivityfwprinciplefw-fwanswer--Accountingfwrecordsfwmustfwbefwbasedfwonfwclear,fwverifiablefwevidence
Differentfwpeoplefwwillfwreachfwsamefwconclusionsfwwhenfwlookingfwatfwsamefwdocuments

Chartfwoffwaccountsfw-fwanswer--afwledger

Matchingfwprinciplefw-fwanswer--
Expensesfwthatfwarefwrelatedfwtofwthefwrevenuefwearnedfwmustfwbefwrecordedfwinfwsamefwfiscalfwperiod

Revenuefwrecognitionfwprinciplefw-fwanswer--Revenuefwisfwtofwbefwrecorded/
recognizedfwinfwthefwaccountsfwatfwthefwtimefwthefwtransactionfwisfwcompleted

Timefwperiodfwconceptfw-fwanswer--
Accountingfwmustfwtakefwplacefwoverfwspecificfwfiscalfwperiodsfwthatfwarefwoffwequalfwlength

Bankfwcreditfwadvicefw-fwanswer--
Bankfwdevicefwthatfwstatesfwincreasefwhasfwbeenfwmadefwtofwthefwpersonsfwbankfwaccountfwandfwthefwreasonfwforfwthefwincre
ase



1fw/
fw3