Account Test 1 Principles

  1. Revenue Recognition Criteria
    • Delivery has occurred
    • Price is fixed and determinable

    Arrangement for customer payment and Collection is probable
  2. Asset Recognition Criteria
    • Probable future value
    • owned by the company as the result of a past transaction

    expense incurreed in generating and current value can be reliably measured
  3. Liability Recognition Criteria
    • Current Obligation
    • Can be measured with a reasonable degree of certainty
  4. Historical Cost
    Record at the cost given up at the initial recording of the asset
  5. Constraints on Accounting Information
    • Materiality
    • Cost Benefit
    • Conservatism

    Industry Peculiarities
Author
koie30
ID
324148
Card Set
Account Test 1 Principles
Description
cat
Updated