Wednesday, August 28, 2019

Day 11: Review GAAP and Accounting Concepts

Be sure you can answer these questions:

  1. What is GAAP?
  2. What are the different Tpes of Accounting and who are the users of each type?
  3. What is SOX?
  4. Describe the following accounting concepts and principles:
    1. Business Entity Concept
    2. Unit of Measure Concept
    3. Cost Principle
    4. Measurement (Objectivity) Principle
    5. Revenue Recognition Principle
    6. Matching Principle
  5. What is the Accounting Equation and the Rules of Debit and Credit?
  6. List and describe the different parts of the Accounting Equation:
  7. Describe the concept of a Business Transaction:

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