RSM220H1 Lecture Notes - A Question Of Balance, Calendar Year, Fiscal Year
20 Apr 2012
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And what are gaaps: the business entity principle, the cost principle, accounting terms, accounts receivable, accounts payable, mortgage payable. Complete the accounting terms in the pick-up folder in assignment 1: preparing a balance sheet, heading, steps. A transaction is an event that occurs during the operation of a business and results in a financial change. A business transaction is always an exchange of things of value. It looks at the effect of the transaction on the b/s: accounting period is the time used to complete the accounting cycle. It"s the length of time between the preparation of the financial reports e. g. monthly, annually (calendar year, fiscal year) Calendar year january 1st to december 31st of same year. Fiscal year any 12 months of the year. Complete the following, using your own words: transaction analysis sheet, accounting period, accounting cycle, the public accountant serve the public for a fee. Electronic calculating tool: using spreadsheet, formatting, dragging.
