Accounting - The Conceptual Framework

FlashCards por BryanTurner, criado more than 1 year ago

Flash cards on fundamental accounting principles and the conceptual framework for South African students. (Made with love by a South African ACCN1006 student at Wits University in 2015)

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	Criado por BryanTurner aproximadamente 9 anos atrás

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The Accrual Basis of Accounting

Define an asset
(3 points, 2 recognition criteria)

Define a liability
(3 points, 2 reconigition criteria)

Define Owner's Equity

Define an income

Define an expense