The cost and fair market value of an asset are the
same at the time of acquisition and in all subsequent
periods?
The basic accounting equation states that Assets =
Liabilities?
accounting equation because they are economic
events that occur entirely within one company? X
Transactions are entered in the ledger accounts and
then transferred to journals? X
The account titles used in journalizing transactions
need not be identical to the account titles in the
ledger ? X
Posting is the process of proving the equality of
debits and credits in the trial balance. X
The ledger is merely a bookkeeping device and
therefore does not provide much useful data for
management. [X ترجم
