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Define a list of Accounting Terms

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Definitions of important accounting terms

ACCOUNTS
REPORTING ENTITY
MATERIALITY TEST
EQUITY
RELIABILITY
CONSERVATISM
IRREVOCABLE CONTRACT
LIABILITIES
EXPENSE
ACCRUAL BASIS OF ACCOUNTING
ASSETS
OBJECTIVITY OF FINANCIAL REPORTING
DEPRECIATION EXPENSE
GOODWILL
UNREALISED GAIN
REVENUES
UNREALISED LOSS

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Solution Summary

In a sentence or two, the response explains each accounting term.

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ACCOUNTS A device used to provide a record of increases and decreases in each item that appears in a firm's financial statements.
REPORTING ENTITY Entities where it is reasonable to expect the existence of users dependent on general-purpose financial reports for information which will help them to make and evaluate decisions about the allocation of scarce resources.
MATERIALITY TEST Assesses whether omission or misstatement of an item of relevant and reliable information could affect decision-making and the allocation of scarce resources.
EQUITY The residual interest in the assets of an entity after deduction of its liabilities. E = A - L
RELIABILITY Financial information has this characteristic if the ...

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