Which Accounting concepts influence the collection/ selection of accounting information Relevance Reliability Materiality Perpetual succession is The concept the incorporated entities life is not affected by transfers of ownership

Comparability 
Understandability
Monetary units

Which Accounting concepts influence the collection/ selection of accounting information

Relevance
Reliability
Materiality

Perpetual succession is

The concept the incorporated entities life is not affected by transfers of ownership

Accounts Receivable

Amounts Owed to the Business

Accounts Payable

Amounts a business owes for items or services purchased on credit not involving a promissory note.

Account Numbers

Numbers assigned to accounts according to the chart of accounts.

Accounts

Categories under the Assets, Liabilities and Owner’s Equity headings.

Business Entity

A business enterprise that is separate and distinct from the person or persons who own it.

Chart of Accounts

Official list of account titles to be used to record transactions of a business.

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Computerized Accounting

An accounting system that records transactions using a computer and accounting software.

Creditor

One to whom money is owed.

Double-Entry Accounting

The system by which each transaction is recorded in at least two accounts and the accounting equation is kept in balance.

Equity

The value of a right or claim to or financial interest in an asset or group of assets.

Fundamental Accounting Equation

Assets = Liabilities + Owner’s Equity

Manual Accounting System

An accounting system whereby transactions are recorded by hand.

 

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