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Accounting Principle

The accounting principles

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 a business is assumed to be continuous, and its records are kept on this basis.
Reporting Period The life of the business must be divided into periods of time to allow reports to be prepared.
Historical Cost The recording of a transaction at its original cost or value.
Conservatism Losses should be recorded when probable but gains should only be recorded when certain.
Consistency Accounting methods should 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
Created by: BRITS113