Chapter 2- Accounting Concepts

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Business Entity
Each business be given an identity seperate from it's owners
1 of 5
Money Measurement
Keeping records of transactions and events with monetary links
2 of 5
Historic Cost
Transactions to do with Expenses and acquiring assets to be recorded at original cost and not current cost
3 of 5
Dual Aspect
Duality or Two aspects of accounting referring to the double entry system
4 of 5
Accounting Equation
Assets=Capital + Liabilities
5 of 5

Other cards in this set

Card 2

Front

Keeping records of transactions and events with monetary links

Back

Money Measurement

Card 3

Front

Transactions to do with Expenses and acquiring assets to be recorded at original cost and not current cost

Back

Preview of the back of card 3

Card 4

Front

Duality or Two aspects of accounting referring to the double entry system

Back

Preview of the back of card 4

Card 5

Front

Assets=Capital + Liabilities

Back

Preview of the back of card 5

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