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Accounts concept

difination part 1

QuestionAnswer
Business Entity Concept This states that the financial affairs of a business should be completely seperate from those of the owner.
Going concern Concept This assums that a business will carry on trading for the foreseeable future. In order words, it is not expected to close down to be sold.
Money Measurement Concept This states that financial records, including the value of transactions, assets, liabilities and capital, should be expressed in monetary terms.
Objectivity Concept As far as possible, accounts should be based on verifiable evidence rather than kon personal opinion. Inorder words, they should be OBJECTIVE rather than SUBJECTIVE.
Historical Cost Concept This stated that accounting should be based on the orginal costs incurred in a transation. This historical cost of an asset can be verified by documentatary evidence such as an invoice. This should allow the valuation to be objective.
Realisation Concept This states that revenue should not be reconised until the exchange of goods or services has taken place.
Merteriallity Concept Accountants should not spend time trying to record accurately any items that trival or immeterial.
Prudence Concept Accountants should be catious when reporting the financial position of a business. They should understate profits or the value of assets than to overstate them.
Periodic Concept Assumes that the economic of a business can be divided into different periods.
Full Disclosures Principle All pertient and relevant information should be disclosed in the financial statements.
Accruals Concepts The ACCRUALS concept states that revenue should be recognised when it is earned and not when the money is received.
Matching Concepts The MATCHING concept states that, in calculating profits, revenue should be matching against the expendiure incurred in earning it.
Created by: 100000954280055