MGAB03H3 Study Guide - Midterm Guide: Accounts Payable, Cheque, Sage Group
7 May 2013
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Simply accounting: spreadsheets and the expanded ledger. Transparency: being able to see more of the financial status of a business. Near cash: things being very close to cash in terms of liquidity, e. g. a saving bond. Progress payments: relates to the time period concept and possibly the matching principle and occurs when payments for a final sale are received gradually deals with fiscal periods. Double taxation: businesses are able to receive gst receivable to prevent being double taxed by the government. Flat: indicates that a transaction has no real impact. Audit trails: some sort of information that can be used by auditors to find out more about a business. Pos terminal: the point of sale register that allows for electronic transfers of funds. Hst: harmonization tax mix of gst and pst. Business entity concept: the accounting for a business is separate from the personal accounting of the owner.
