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Whether an item is large enough to likely influence the decision of an investor or creditor.
Choose an answer
1 Periodicity 2 Materiality
3 Cost-effectiveness. 4 Completeness
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Terms in this set (41)
, Accural economic event before cash
ex) accounts payable, s & w payable, tax payable, accounts receivable
Adjusting entry Has no cash
has to have one income STMT account and one balance sheet account
Deferral: journal entry comes before the adjusting entry
Accurral: adjusting entry comes before the journal entry
Auditor's Report States an opinion as to the fairness of the presentation of the financial
position and results of operations and their conformity with U.S. Generally
Accepted Accounting Principles.
Whether an item is large enough to likely influence the decision of an investor or creditor.
Choose an answer
1 Periodicity 2 Materiality
3 Cost-effectiveness. 4 Completeness
Don't know?
Terms in this set (41)
, Accural economic event before cash
ex) accounts payable, s & w payable, tax payable, accounts receivable
Adjusting entry Has no cash
has to have one income STMT account and one balance sheet account
Deferral: journal entry comes before the adjusting entry
Accurral: adjusting entry comes before the journal entry
Auditor's Report States an opinion as to the fairness of the presentation of the financial
position and results of operations and their conformity with U.S. Generally
Accepted Accounting Principles.
