F011 - Accounting Principles
- Created by: llouiseh
- Created on: 28-03-17 12:03
Fullscreen
Acounting Concepts
These must be learnt off by heart - They are always examined
Concept - Defenition
Bussiness Entity - Only transaction affecting the bussiness must be recorded in the accounting system
Dual Aspect - Every transaction afftects TWO accounts
Prudence - Assets and profits are always UNDERSTATED rather than OVERSTATED
Matching (AKA Accruals) - Expenses and revenues must be matched to…
Comments
No comments have yet been made