An accounting method for expressing the effects of a transaction on accounts in a
debits-equal-credits format.
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Journal Entry
The rules used internationally to calculate and report information in the financial
statements.
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International Financial Reporting Standards (IFRS)
, Probable debts or obligations of the entity that result from past transactions, which
will be fulfilled by providing assets or service.
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Liabilities
The rules used in the United States to calculate and report information in the financial
statements.
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Generally Accepted Accounting Principles (GAAP)
Expenses are recorded when incurred in earning revenue; also called "matching".
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Expense Recognition Principle
A collection of records that summarizes the effects of transactions entered in the
journal.
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debits-equal-credits format.
Give this one a try later!
Journal Entry
The rules used internationally to calculate and report information in the financial
statements.
Give this one a try later!
International Financial Reporting Standards (IFRS)
, Probable debts or obligations of the entity that result from past transactions, which
will be fulfilled by providing assets or service.
Give this one a try later!
Liabilities
The rules used in the United States to calculate and report information in the financial
statements.
Give this one a try later!
Generally Accepted Accounting Principles (GAAP)
Expenses are recorded when incurred in earning revenue; also called "matching".
Give this one a try later!
Expense Recognition Principle
A collection of records that summarizes the effects of transactions entered in the
journal.
Give this one a try later!
