Purchase Solution

Define a list of Accounting Terms

Not what you're looking for?

Ask Custom Question

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

Purchase this Solution

Solution Summary

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

Solution Preview

refer to attachment

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 ...

Purchase this Solution


Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Motivation

This tests some key elements of major motivation theories.