More cards in this set

Card 6

Front

Assets that are held for trading or that we expect will turn into cash, or be used up within the next reporting period. These assets include cash at bank, accounts receivable, stock of goods for resale (inventory), supplies such as cleaning materials

Back

Preview of the front of card 6

Card 7

Front

All transactions are measured in dollars. The dollar is the common unit of measure.

Back

Preview of the front of card 7

Card 8

Front

Assets are recorded at the amount of cash paid (or payable) at the time of their acquisition.

Back

Preview of the front of card 8

Card 9

Front

The entity will continue in the existence for the foreseeable future.

Back

Preview of the front of card 9

Card 10

Front

Assets such as term deposits or shares in companies, which are expected to be kept in the business for more than one reporting period. These are normally more easily converted into cash than property, plant & equipment.

Back

Preview of the front of card 10