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12 Cards in this Set
- Front
- Back
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recognition
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when a business transaction is recorded
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When is a purchase recognized?
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when the title passes from the supplier to the purchaser
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recognition point
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predetermined point when a transaction should be recorded
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when a company orders a product is this a business transaction?
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no
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valuation
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assigning a monetary value to a business transaction
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cost
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the exchange price associated with a business transaction at the point of recognition
-value |
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original cost /historic cost
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appropriate value to assign to a business transaction
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cost principle
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recording transactions at cost
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classification
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assigning all the transactions in which a business engages to appropriate categories or accounts
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general ledger
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where accounts are stored on cards or pages
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chart of accounts
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numbered list of accounts that makes each one easy to find
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p51
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p51
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