Quiz 1 - Introduction to AIS

Concept: When a source document is prepared for each transaction for evidence

• objectivity

• materiality

Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

• Unit of measurement

• historical cost

Preparing Financial Statements states that the accounting records should be based on the original cost of the transaction.

• conservatism

• Historical Cost

Which picture is about Communication?

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Which picture is about Communication?

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