going-concern assumption
The basic accounting assumption that expects accounting entities, under all ordi¬nary circumstances, to continue existing indefinitely in the future. [...]
accrual basis of accounting
An accounting method whereby revenues are recognized in the specific accounting period in which they are earned, without regard to the date of cash re [...]
conservatism
The accounting convention requiring that when different valuation methods are available, the alternative having the least favorable immediate financia [...]
long-term liability
A firm’s obligation that comes due for payment after the following accounting period and is settled in money, goods or services. [...]
operating profit
The overall performance of an accounting entity’s operations before considering nonoperating revenue and expenses, extraordinary items and income taxe [...]
net income
The amount of a company’s total revenue remaining after subtracting all of its costs and expenses in a given period of time. [...]
