Elements and Principles
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Entity Principle | the business is assumed to be separate from the owner and other
businesses, and its records should be kept on this basis.
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| Going Concern Principle | the life of the business is assumed to be continuous, and its records are kept on that basis.
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| 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.
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| 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
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| 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
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| Consistency Principle | accounting methods should be applied in a consistent manner to
ensure that reports are comparable between periods
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| Monetary unit Principle | all items must be recorded and reported in a common unit of measurement; that is, Australian dollars
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| Relevance | accounting reports should include all information that is useful for decision-making
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| Reliability | accounting reports should contain information that is accurate, and free from bias or error
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| Comparability | accounting reports should be able to be compared over time
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| Understandability | accounting reports should be presented in a manner that makes
it easy for them to be understood by the user
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Created by:
callielee
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