Accounting Concepts- Unit 2 0.0 / 5 ? AccountingAccounting ConceptsASAQA Created by: KatyX97Created on: 08-05-15 17:11 932465178 Across 1. Only transactions relating to the business are entered in accounts (8, 6) 4. Where there is doubt asset value and profit should be understated rather than overstated (8) 7. Requires same procedures to be practised year on year (11) 8. All info provided significant to users of accounts. Trivial items are not included (11) Down 2. Revenue should be realised when it is certain ie. cash received or promise to pay (11) 3. Accounting information should be factual (where possible) (11) 5. Assets and liabilities are recorded at cost price (4) 6. Assumes the business will continue for at least 12 months (5, 7) 9. Profit calculated over a period of time, revenue and expenses must match this (8, 8)
Comments
No comments have yet been made