Accounting concepts
- Created by: Fraser2126
- Created on: 08-11-18 12:09
Other questions in this quiz
2. What is financial management?
- Assets, Liabilities and money outflow in a business
- Assets, profits and levels of cash in a business
- Money
- Internal financial accounts. E.g targets
3. What is Materiality?
- Not overstating financial situation
- Time of information put into accounts. Date of transaction, not payment.
- Don't account for all little assets that make no difference to accounts.
- Accounts must be realistic and factual
4. What is Realisation?
- Does Not include all little assets that make no difference to the business figures.
- When ownership changes hands not payment, Point of sale. E.g titles of land
- Assumes a business is operating as normal.
- Accounts must be realistic and factual
5. What is GAAP?
- Genuinely Accepted Accountancy Practise
- Generally Accepted Accountancy Practice
- Generally Anxious Accountancy Performance
- Generally Accepted Accounts Performance
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