Accounting concepts 0.0 / 5 ? Applied BusinessAccountingA2/A-levelAQA Created by: i.capocciCreated on: 20-06-16 15:18 Going concern Drawing accounts must assumes the business will continue to trade. 1 of 9 Materiality Only need to record assets/costs of significant value on finals account 2 of 9 Business enitity Accounts of business owner and business should be kept seperate 3 of 9 Dualality Every transaction has a+ive and -ive effect of equal value 4 of 9 money measurement You can only record things which have a financial value 5 of 9 Realisation Must not overestimate value of business (1) only record revenue if goods paid for or exchanged 6 of 9 Consistency Should have a uniform approach to putting accounts together 7 of 9 Prudence Must not overestimate value of the business 8 of 9 Accurals When used something which has not been paid for 9 of 9
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