Accounting Information System (AIS)
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Identifies, records, summarizes, and communicates various business
transactions - pencil and paper to highly complex electronic systems
Deferrals
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Company earns revenue or incurs and expense after cash is received or
paid
, Conservatism Principle
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Avoids overstating assets or income in the preparation of financial
statements
Intangible Assets
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Non current assets that lack physical substance and include patents,
trademarks, copyrights, and goodwill
Accounting Transaction
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Any economic event that affects a company's assets, liabilities, or equity at
the time of the event. All must be recorded in the Accounting Information
System
Going Concern
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Give this one a try later!
Identifies, records, summarizes, and communicates various business
transactions - pencil and paper to highly complex electronic systems
Deferrals
Give this one a try later!
Company earns revenue or incurs and expense after cash is received or
paid
, Conservatism Principle
Give this one a try later!
Avoids overstating assets or income in the preparation of financial
statements
Intangible Assets
Give this one a try later!
Non current assets that lack physical substance and include patents,
trademarks, copyrights, and goodwill
Accounting Transaction
Give this one a try later!
Any economic event that affects a company's assets, liabilities, or equity at
the time of the event. All must be recorded in the Accounting Information
System
Going Concern
Give this one a try later!
