Accounting-Financial statement Flashcards

Content Lease Acquisition Cost Unearned Income The Balance Sheet Governmental Accounting Standards Board (GASB) §36.402 Alterations 5 Relative Costs of Construction Contracts Once the time period has been established, accountants use GAAP to record and report that accounting period’s transactions. An economic entity’s accounting records include only quantifiable transactions. Certain economic events that affect a company, such as hiring a …