F011 - Accounting Principles

  • Created by: llouiseh
  • Created on: 28-03-17 12:03

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


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