The most basic form of journal
Give this one a try later!
general journal
Assets that a company expects to convert to cash or use up within one year or its
operating cycle, whichever is longer. They appear in the assets section of the balance
,sheet
Give this one a try later!
current assets
A ledger that contains all asset, liability, stockholders' equity, revenue, and expense
accounts.
Give this one a try later!
general ledger
An auditor's opinion that a firm's financial statements do not accurately reflect its
financial performance and health
Give this one a try later!
adverse opinion
The estimated price that a buyer would pay and a seller would accept in an open and
competitive market
Give this one a try later!
market value
,The requirement that only those things expressed in money are included in the
financial statements.
Give this one a try later!
monetary unit assumption
The assumption that the business will not liquidate shortly and that the business will
continue to operate and satisfy its obligations
Give this one a try later!
going concern assumption
When a business reports assets and liabilities at their fair market value on the balance
sheet
Give this one a try later!
fair value principle
A finite stream of identical recurring payments whose payments occur at the
beginning of each period. Rent and lease payments are examples
Give this one a try later!
, annuity due
Financial obligations to creditors that a company expects to pay after more than one
year. They appear in the liabilities section of the balance sheet
Give this one a try later!
long-term liabilities
A series of procedures in the collection, processing, and communication of financial
information
Give this one a try later!
accounting cycle
A fundamental quality of useful information: accounting information is relevant if it
would
make a difference in a business decision
Give this one a try later!
relevance
Give this one a try later!
general journal
Assets that a company expects to convert to cash or use up within one year or its
operating cycle, whichever is longer. They appear in the assets section of the balance
,sheet
Give this one a try later!
current assets
A ledger that contains all asset, liability, stockholders' equity, revenue, and expense
accounts.
Give this one a try later!
general ledger
An auditor's opinion that a firm's financial statements do not accurately reflect its
financial performance and health
Give this one a try later!
adverse opinion
The estimated price that a buyer would pay and a seller would accept in an open and
competitive market
Give this one a try later!
market value
,The requirement that only those things expressed in money are included in the
financial statements.
Give this one a try later!
monetary unit assumption
The assumption that the business will not liquidate shortly and that the business will
continue to operate and satisfy its obligations
Give this one a try later!
going concern assumption
When a business reports assets and liabilities at their fair market value on the balance
sheet
Give this one a try later!
fair value principle
A finite stream of identical recurring payments whose payments occur at the
beginning of each period. Rent and lease payments are examples
Give this one a try later!
, annuity due
Financial obligations to creditors that a company expects to pay after more than one
year. They appear in the liabilities section of the balance sheet
Give this one a try later!
long-term liabilities
A series of procedures in the collection, processing, and communication of financial
information
Give this one a try later!
accounting cycle
A fundamental quality of useful information: accounting information is relevant if it
would
make a difference in a business decision
Give this one a try later!
relevance
