key terms Flashcards
1
Q
who is the father of accounting
A
Luca Pacioli
2
Q
what are the ethical rules
A
prudence, consistency, objectivity and relevance
3
Q
do companies have unlimited liability
A
no
4
Q
what are the boundary rules
A
entity, periodicity, going concern, monetary quantities
5
Q
what are the measurement rules
A
dual aspect, matching, materiality
6
Q
assets=
A
resources owner and controlled by an entity
7
Q
liabilities=
A
the amount owed by an entity to outside parties
8
Q
equity=
A
the amount that the owners have invested in an entity
9
Q
what are the 3 financial statements
A
profit and loss account
balance sheet
cashflow statement
10
Q
what does EBITDA=
A
earnings before interest, tax, depreciation and amortisation
