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What Is the Purpose of Completing an Occurrence Report

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What is the purpose of completing an occurrence report?


Definitions:

Monetary Unit Assumption

An accounting principle that assumes transactions can be recorded in a stable currency that is the most relevant to the company.

Unit Of Measure

A standard quantity used to express an amount of a physical property, financial item, or activity, facilitating comparisons and calculations.

Economic Entity Assumption

An accounting principle that separates the transactions of a business from those of its owners or other businesses.

Cost Principle

The accounting principle that states goods and services should be recorded at their cost at the time of acquisition.

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