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QUESTION

You are the CEO of a newly incorporated retail fi

You are the CEO of a newly incorporated retail firm that will sell DKNY® and Tommy Hilfiger® along with other designer clothing. Your job is to set up an accounting information system to maintain appropriate records needed in the eventual preparation of financial statements. Certain principles should be followed in the development of an accounting information system. Identify and explain each of the principles.

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***** ******* ********** ****** **** *** operations of * ******** **** continue **** *********** ****** *** therefore *** the business ********* ****** be **** ** ***** of *** future

Accounting

****** cycle:the ******** ** a business is * ***** concern *** ** ********** **** ******* periods ****** ********* ********** ******* ***

********

*************** ********* ******* that *** ******** ** * separate legal ****** ******** **** its ****** and ******** *** ********* the ********* ******* *** ******** *** ******** *********** *** *****

***********

*********** *********** ***** cannot ** quantified ** monetary ***** ****** ******* to ** ******** ************ ******* ********** states

****

revenue and ****** ** ********** *** ******** **** **** are incurred *** not **** **** *** paid **** Matching **************** and ********

**

a ******* accounting ***** **** ** ****** together *************** ********* states ****** be

********

*** presented ***** ******* procedures and ********** consistently for comparison **** time *** **** ******* ********** in *** **** ********

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Elite2
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ANSWER

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*** ACCOUNTING PRINCIPLE *****

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