Term
| Notion of the Accounting Entity |
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Definition
The financial affairs of the owner are kept seperate and distinct form the financial affairs of the business
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Term
| Notion of Monetary Meaureement |
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Definition
All transactions are recorded in dollars.The NZ dollar is the most common unit of measurement.
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Term
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Definition
| An asset in a resource controlled by the entity as a result of a past event (trasaction) and from which future economic benefits are expected to flow to the entity |
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Term
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Definition
| Is a present obligatinon of the entity arising from past events, the settlement of which is expected to flow to result in an outflow from the entity of resources embodying a economic benefit. |
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Term
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Definition
| A residaual interest in the assets of the entity after de-ducting all its liabilites |
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Term
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Definition
| assets are recorded at the price paid at purchase. |
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Term
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Definition
| it is assumed that the business is going to continue in the forseeable future |
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Term
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Definition
| Are decreases in economic benefits that decrease in assets or increase liabilties that result in decreases in the equity, other result in decreases in equity, other than drawings. |
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