ACG-2021 Lecture Notes - Lecture 4: Accrual, Trial Balance, General Ledger
Document Summary
Accounting principle that dictates that companies disclose circumstances and events that make a difference to financial statement users. A set of rules and practices, having substantial authoritative support, that the accounting profession recognizes as a general guide for financial reporting purposes intangible assets. Assets that do not have physical substance. Generally, (1) investments in stocks and bonds of other corporations that companies hold for more than one year, and (2) long-term assets, such as land and buildings, not currently being used in the company"s operations. Obligations that a company expects to pay after one year operating cycle the average time required to go from cash to cash in producing revenues. Assets with relatively long useful lives that companies use in operating the business and are not intended for resale. Securities and exchange commission (sec) the agency of the us government that oversees us financial markets and accounting standard-setting bodies.
