Week 5 Key Concepts Flashcards
1
Q
Elements of a Case
A
Verbage, Irrelevant data, Missing data, Nebulous required, Time pressure
often exacerbated.
2
Q
Cash vs Accrual Accounting
A
to determine Net Income
3
Q
Valuation of a going concern
A
determine how much to pay for a business that is running
4
Q
Trial Balance
A
presents the balances of all T accounts before adjusting journal entries (AJE)
5
Q
Adjusted Trial Balance
A
present the balances of all T accounts after adjusting journal entries
(AJE) and is the basis to prepare all financial statements
6
Q
A
