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Income Stmt Trans

Parson - Chp 5

QuestionAnswer
Temporary Capital Accounts accounts used to collect information for a single accounting period, i.e. Revenue, expense and withdrawals.
Permanent accounts are continuous from one accounting period to the next; balances are carried forward to the next period.
Revenue recognition Accounting principle that states that revenue should be recognized on the date earned, even if cash has not been received.
Asset Anything of value owned by a company
Liabilities Money owed to a creditor by a company.
Capital Owner's investment in the assets of the company.
Popular Accounting sets

 



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