Study Guides (248,411)
Canada (121,516)
York University (10,209)
Economics (643)
ECON 1010 (137)

accounting notes.docx

3 Pages
Unlock Document

ECON 1010
Steven Edwards

Module 1 notes 1In determining net income RevenueExpenses on the accrual basis revenue is recognized when earned rather than when cash is collected and expenses are recognized when goods and services are used rather than when they are paid for 2Owners equity can be increased by contributions from owners and by revenue It can be decreased by withdrawals and expenses Only revenue and expenses are used in determining net income 3Fundamental concepts underlying the accounting process include the following Accounting entityeach business venture is a separate unit accounted for separately Historical costassets are reported at acquisition prices and are not adjusted upward Objectivitywhere possible recording of transactions should be supported by verifiable evidence Going concernthe assumption is made in accounting that a business will continue indefinitely Measuring unitconventional accounting statements are expressed in money amounts unadjusted for changes in the value of the dollar Key terms used in this chapter which you should be comfortable with include accounting managerial accounting financial accounting generally accepted accounting
More Less

Related notes for ECON 1010

Log In


Join OneClass

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

Sign up

Join to view


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.