cash basis of accounting
The recognition of revenue and expenses on a firm’s books when cash is received and paid, respectively, regardless of the period in which the correspo [...]
noncurrent asset
Any any tangible asset or intangible asset that is not for resale and used repeatedly or continuously in operations in the processes of economic produ [...]
materiality
The accounting constraint stipulating that any information of such importance that its inclusion in or omission from finan¬cial records could have an [...]
consistency
The accounting constraint requiring the continued uniform¬ity in the accounting methods applied from period to period in the preparation of financial [...]
ledger
A book of accounts to which transaction summaries are posted into T-accounts from journals in the form of debits and credits. [...]
journal
A book or record of original entries in a double-entry system, listing all accounting events in chronological order, each event showing the accounts a [...]
