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Acct Concepts

Parson - Accounting Concepts

QuestionAnswer
is to take the safe route. In reporting the financial position of a business, the conservatism principle states that it is best to present amounts that are least likely to result in an overstatement of income or assets. Conservatism
If something is important the information is deemed relative & should be included in financial reports. Materiality
means the information “makes a difference” to a user in reaching a business decision. Relevant
Information must be free from significant error and free from bias... Users of accounting data assume that the data are reliable. Reliable
information can be compared from year to year, and from business to business. The same type of statements, therefore are prepared at the end of each period. Comparable
This concepts is applied when financial statements contain all information necessary to understand a business’s financial condition. Adequate Disclosure (Full Disclosure
Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. Revenue or Matching Principle
Changes in financial information are reported for a specific period of time in the form of financial information. Accounting Period Cycle
The same accounting procedures are followed in the same way in each accounting period. Consistent Reporting
This principle is applied when a source document is prepared for each transaction. Objective Evidence
Revenue is recorded at the time goods or services are sold. Realization of Revenue
Financial statements are prepared with the expectation that a business will remain in operation indefinitely. Going Concern
Financial information is recorded and reported separately from the owner’s personal financial information. Business Entity
Business transaction are stated in numbers that have common values; that is, using a common unit of measurement. Unit of Measurement
Created by: yparson
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