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Chapter 1-2

Elements and Principles

TermDefinition
Entity Principle the business is assumed to be separate from the owner and other businesses, and its records should be kept on this basis.
Going Concern Principle the life of the business is assumed to be continuous, and its records are kept on that basis.
Reporting Period Principle 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 Principle the recording of a transaction at its original cost or value, as this value is verifiable by reference to the source document
Conservatism Principle 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 Principle accounting methods should be applied in a consistent manner to ensure that reports are comparable between periods
Monetary unit Principle all items must be recorded and reported in a common unit of measurement; that is, Australian dollars
Relevance accounting reports should include all information that is useful for decision-making
Reliability accounting reports should contain information that is accurate, and free from bias or error
Comparability accounting reports should be able to be compared over time
Understandability accounting reports should be presented in a manner that makes it easy for them to be understood by the user
Created by: callielee