Remembering the five accounting assertions with mnemonics
At
ACS' old home, I listed the
five accounting assertions.
While in class today we scored another fun new mnemonic to remember the assertions - in case a list of five things is hard to keep straight.
The trick is to remember the phrase "East Coast Road Via Philadelphia".
- E = Existence
- C = Completeness
- RO = Rights & Obligations
- V = Valuation
- PD = Presentation & Disclosure
They used Pittsburgh in their suggested answer, but Philadelphia is better: as you can see, the letter D makes the cheese steak town a much better choice.