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Generally accepted accounting principal

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Generally accepted accounting principal

  1. 1. 1. COST PRINCIPAL.2. OBJECTIVE PRINCIPAL.3. GOING CONCERN PRINCIPAL.4. PRINCIPAL OF FULL DISCLUSSURE.5. MACHING PRINCIPAL.6. REALIZATION PRINCIPAL.7. BUSINESS ENTITY PRINCIPAL.8. STABLE DOLLAR ASSUMPTION.
  2. 2. COST PRINCIPLE The historical cost basis principle is the principle that requires assets to be recorded at their cost at the time they are acquired.
  3. 3. OBJECTIVE PRINCIPALAccounting use the term objectiveto desride assets valuation that arefactual and can be verified byindependent export.
  4. 4. GOING CONCERN PRINCIPAL It is persuaded that the business will exists for a long time and transactions are recorded from this point of view.
  5. 5. PRINCIPAL OF FULL DISCLUSSURE The full disclosure principle is the requirement that all information that might affect the user’s interpretation of financial statements be disclosed in the statements or in the footnotes.
  6. 6. MACHING PRINCIPAL The matching principle is the concept that revenue and costs incurred in earning that revenue should be matched in the appropriate accounting period.
  7. 7. REALIZATION PRINCIPALAccounting is a historical record oftransactions. It records what has happened. Itdoes not anticipate events. This is of greatimportant in preventing business firms frominflating their profits by recording sales andincome that are likely to accrue.
  8. 8. BUSINESS ENTITY PRINCIPAL The separate economic entity assumption assumes that the business is separate from its owners.
  9. 9. STABLE DOLLAR ASSUMPTIONThe cost principal and the stable.dollarassumption work very well in period ofstable prices but are less satisfactoryunder condition of rapid inflation.
  10. 10. For Watching Prop:. Sadique shafique(KOHAT UNIVERSITY OF SCIENCE AND TECHNOLOGY PAKISTAN)

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