ACCOUNTING CONCEPTS

?
no personal opinions should help valuations
objectivity
1 of 7
once the concept is chosen it should not change
consistency
2 of 7
the lower of the cost and NRV
prudence
3 of 7
the business is more than likely going to continue trading
going concern
4 of 7
items grouped together
materiality
5 of 7
should be recorded in the year they take place
accruals
6 of 7
business and the owner have different identities
busines
7 of 7

Other cards in this set

Card 2

Front

once the concept is chosen it should not change

Back

consistency

Card 3

Front

the lower of the cost and NRV

Back

Preview of the front of card 3

Card 4

Front

the business is more than likely going to continue trading

Back

Preview of the front of card 4

Card 5

Front

items grouped together

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Accounting resources:

See all Accounting resources »See all Accounting concepts resources »