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Accounting Principle

The generally accepted rules that govern the way accounting info is generated.

TermDefinition
ENTITY The business is assumed to be separate from the owner and other businesses, and its records should be kept on this basis.
GOING CONCERN The life of the business is assumed to be continuous, and its records are kept on that basis.
REPORTING PERIOD The life of the business must be divided into periods of time to allow reports to be prepared; these accounting reports should reflect the Reporting period in which a transaction occurs.
HISTORICAL COST The recording of a transaction at its original cost or value, as this value is verifiable by reference to the source document.
CONSERVATISM Losses should be recorded when probable but gains should only be recorded when certain, so that liabilities and expenses are not understated and assets and revenues are not overstated.
CONSISTENCY Accounting methods shoud be applied in a consistent manner to ensure that reports are comparable between periods.
MONETARY UNIT All items must be recorded and reported in a common unit of measurement; that is, Australian dollars.
Created by: JoJoAction