Accounting Operating Decisions and Accounting Systems Notes.pdf

2 Pages
78 Views
Unlock Document

Department
Accounting
Course
ACCT 1201
Professor
Ganesh Krishnamoorthy
Semester
Spring

Description
Accounting Chapter 3 Notes Every transaction that affects the income statement also affects the balance sheet Revenuesmonies generated from the sale goods and services Expensesmonies paid in the process of getting goods and services Gains Losses Cashbasis AccountingRevenue and Expenses recorded only when cash is received and paid Accrual Accountingassets liabilities revenues and expenses should be recognized when the transaction that causes them occur not necessarily when cash is paid or received required by GAAP Revenue Realization Principlefour conditions must normally be met for revenue to be recognized Delivery has occurred or services have been rendered There is persuasive eviden
More Less

Related notes for ACCT 1201

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit