Extra terms Flashcards
0
Q
Fiscal period
A
Net income measured over a specific length of time
1
Q
Group income
A
Owners and managers
Bankers
2
Q
GAAP time period concept
A
Provides that accounting will take place over specific time periods
3
Q
Matching principle
A
The matching principle states that each expense item related to revenue earned must be recorded in the same period as the revenue it helped to earn
4
Q
Revenue accounts
A
Capital
Fees earned
5
Q
Net income
A
Revenues-expenses
