ANS De-ferrals, Accruals, Missing Transactions, and Tax Adjustments
14. Removing transactions that belong to a different period
ANS Deferral
15. Opposite of deferral. Concern future payments or expenses
ANS Accruals
16. The Business is a separate entity, so the activities of a business must bekept
separate from any other financial activities of its business owners
ANS Eco-nomic Entity Assumption
17. Only transactions that can be proven should be recorded in accounting
practices. And what this means is that businesses must be able to prove
transactions through such things as receipts, billing statements, invoices, and
bank statements.
ANS Reliability Assumption
18. All info that is relative to the business and is important to a lender or
investor has to be disclosed in financial statements or in the notes of the
statements
ANS Full Disclosure Principle
19. When choosing between two solutions, the one that will be least likely to
overstate assets and income should be selected.
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