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Flashcards - CSET Business - Accounting Principles

Flashcards - CSET Business - Accounting Principles
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consistent
In classical deductive logic, a consistent theory is one that does not contain a contradiction
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ethics
Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct
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accounting
Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations
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7 cards in set
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accounting
Accounting or accountancy is the measurement, processing and communication of financial information about economic entities such as businesses and corporations
ethics
Ethics or moral philosophy is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct
consistent
In classical deductive logic, a consistent theory is one that does not contain a contradiction
cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something, and hence is not available for use anymore
accounting equation
The basic accounting equation, also called the balance sheet equation, represents the relationship between the assets, liabilities, and owner's equity of a business
Total revenue
Total revenue is the total receipts of a firm from the sale of some given quantities of a product
matching principle
In accrual accounting, the matching principle states that expenses should be recorded during the period in which they are incurred, regardless of when the transfer of cash occurs

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