Accy 202: Final Exam
7 Cards in this Set
Front | Back |
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Materiality
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Importance/significance of an amount, transaction.
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Assets
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Economic resources.
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Basic Accounting Equation
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Resources of the company = creditors' and owners' claims to those resources.
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Control Activities
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Preventative, detective, and corrective.
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Purchasing System - Receiving Department - Purchase Order
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The receiving department's copy of the P.O. should contain the vendor's name and the date that the order was placed.
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FOB Shipping Point
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The seller transfers title to the buyer once the merchandise is shipped.
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Contingent Liabilities must be recorded if...
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the future event is probable and the amount owed can be reasonably estimated.
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