Accounting Principles
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The document outlines several key principles of accounting: 1) Business transactions are recorded from the business perspective rather than the owner's perspective, 2) Transactions that can be quantified with money are recorded in the accounts, 3) An enterprise's life is broken into accounting periods to measure performance regularly, and 4) Financial statements should fully disclose all significant information relating to the economic affairs of the entity. It also mentions the principles of materiality, matching revenues with expenses, and accounting periods.
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Accounting assumptions
Accounting assumptions provide the foundation for the accounting process and are generally accepted without proof. The key assumptions include: continuity, which assumes a business will continue indefinitely; historical cost, which records transactions based on original cost; the entity assumption, which treats a business as separate from its owners; the monetary assumption, which uses currency to record all transactions; and the period assumption, which divides a business into arbitrary time periods for reporting.
Terminology
This document defines common accounting terminology used for entities, events, transactions, assets, liabilities, capital, purchases, sales, stock, receivables, payables, expenses, gains, revenue, profit and loss, and balance sheets. Key terms include assets, liabilities, equity, revenue, expenses, gains, losses, opening and closing stock, receivables, payables, trading account, gross and net profit/loss, and balance sheet items like trade debtors and creditors.
“INTRODUCTION TO ACCOUNTING”
ACCOUNTANCY PROJECT
ON THE TOPIC
CONTENTS:
MEANING OF BOOK KEEPING
BOOK KEEPING IS A PART OF ACCOUNTING THAT IS CONCERNED WITH RECORDING OF FINANCIAL TRANSACTIONS IN THE BOOKS OF ACCOUNTS.
NOTE : EVENTS RELATED TO BUSINESS THAT CAN BE EXPRESSED IN TERMS OF MONEY ONLY ARE RECORDED.
STEPS INVOLVED IN BOOK KEEPING
AIMS OF BOOK KEEPING
RELATIONSHIP BETWEEN BOOK KEEPING, ACCOUNTING AND ACCOUNTANCY.
DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING.
THANK YOU
FINANCIAL ACCOUNTING
The document discusses key concepts in financial accounting:
1. Accounting has evolved from a record keeping system to an information system that measures and reports on economic events in financial terms.
2. It involves recording, classifying, and summarizing financial data and communicating results to stakeholders.
3. Financial accounting aims to provide information to assess the financial position and performance of a business entity.
Common Accounting Terminology
This document provides definitions for common accounting terminology presented by Ms. Komal Mahajan. It defines key terms related to financial accounting like entity, sales, purchases, revenue, receipts, payments, cost of goods sold, expenses, gross profit, assets, liabilities, owners' equity, accounting equation, debit, credit, journal, ledger, trial balance, profit and loss statement, balance sheet, cash flow statement, and financial statements. It also discusses accounting concepts like the cash basis and accrual basis of accounting, financial accounting, cost accounting, management accounting, single and double entry systems of accounting, and the accounting cycle.
Meaning of accounting
Accounting involves recording, classifying, and summarizing financial transactions and events in terms of money to accurately assess the financial resources and position of a business or organization. It is required wherever money is involved to account for financial resources. Accounting includes bookkeeping, which systematically records transactions in monetary terms, as well as financial accounting which prepares financial statements like the income statement and balance sheet to determine profit/loss and the overall financial position of the business.
Introduction to financial accounts
This document provides an introduction to financial accounts and accounting concepts. It defines accounting and bookkeeping, outlines the objectives and users of accounting information. It describes the roles of accountants and common accounting personnel. It also explains key accounting concepts like the accounting cycle, and types of accounts including personal, real, and nominal accounts.
Accounting concepts
This document discusses key accounting concepts and principles:
- The business entity concept treats the business and its owners as separate entities.
- The historical cost principle records assets at their original cost rather than current value.
- The matching principle recognizes revenues when earned and expenses when incurred to match revenues with related expenses over the same period.
- The materiality concept means that only significant items are disclosed separately in financial statements.
Recommended
Accounting assumptions
Accounting assumptions provide the foundation for the accounting process and are generally accepted without proof. The key assumptions include: continuity, which assumes a business will continue indefinitely; historical cost, which records transactions based on original cost; the entity assumption, which treats a business as separate from its owners; the monetary assumption, which uses currency to record all transactions; and the period assumption, which divides a business into arbitrary time periods for reporting.
Terminology
This document defines common accounting terminology used for entities, events, transactions, assets, liabilities, capital, purchases, sales, stock, receivables, payables, expenses, gains, revenue, profit and loss, and balance sheets. Key terms include assets, liabilities, equity, revenue, expenses, gains, losses, opening and closing stock, receivables, payables, trading account, gross and net profit/loss, and balance sheet items like trade debtors and creditors.
“INTRODUCTION TO ACCOUNTING”
ACCOUNTANCY PROJECT
ON THE TOPIC
CONTENTS:
MEANING OF BOOK KEEPING
BOOK KEEPING IS A PART OF ACCOUNTING THAT IS CONCERNED WITH RECORDING OF FINANCIAL TRANSACTIONS IN THE BOOKS OF ACCOUNTS.
NOTE : EVENTS RELATED TO BUSINESS THAT CAN BE EXPRESSED IN TERMS OF MONEY ONLY ARE RECORDED.
STEPS INVOLVED IN BOOK KEEPING
AIMS OF BOOK KEEPING
RELATIONSHIP BETWEEN BOOK KEEPING, ACCOUNTING AND ACCOUNTANCY.
DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING.
THANK YOU
FINANCIAL ACCOUNTING
The document discusses key concepts in financial accounting:
1. Accounting has evolved from a record keeping system to an information system that measures and reports on economic events in financial terms.
2. It involves recording, classifying, and summarizing financial data and communicating results to stakeholders.
3. Financial accounting aims to provide information to assess the financial position and performance of a business entity.
Common Accounting Terminology
This document provides definitions for common accounting terminology presented by Ms. Komal Mahajan. It defines key terms related to financial accounting like entity, sales, purchases, revenue, receipts, payments, cost of goods sold, expenses, gross profit, assets, liabilities, owners' equity, accounting equation, debit, credit, journal, ledger, trial balance, profit and loss statement, balance sheet, cash flow statement, and financial statements. It also discusses accounting concepts like the cash basis and accrual basis of accounting, financial accounting, cost accounting, management accounting, single and double entry systems of accounting, and the accounting cycle.
Meaning of accounting
Accounting involves recording, classifying, and summarizing financial transactions and events in terms of money to accurately assess the financial resources and position of a business or organization. It is required wherever money is involved to account for financial resources. Accounting includes bookkeeping, which systematically records transactions in monetary terms, as well as financial accounting which prepares financial statements like the income statement and balance sheet to determine profit/loss and the overall financial position of the business.
Introduction to financial accounts
This document provides an introduction to financial accounts and accounting concepts. It defines accounting and bookkeeping, outlines the objectives and users of accounting information. It describes the roles of accountants and common accounting personnel. It also explains key accounting concepts like the accounting cycle, and types of accounts including personal, real, and nominal accounts.
Accounting concepts
This document discusses key accounting concepts and principles:
- The business entity concept treats the business and its owners as separate entities.
- The historical cost principle records assets at their original cost rather than current value.
- The matching principle recognizes revenues when earned and expenses when incurred to match revenues with related expenses over the same period.
- The materiality concept means that only significant items are disclosed separately in financial statements.
Basic Concept on Accounting
Accounting involves recording, classifying, and summarizing financial transactions and events in a way that adheres to generally accepted accounting principles (GAAP). It is both an art and a science - it applies scientific principles and methods (the science) but also involves judgment and decision making (the art). Proper accounting provides useful financial information to both internal and external users of the financial statements and allows for informed decision making.
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Accounting involves identifying, measuring, recording, classifying, summarizing, analyzing, interpreting, and communicating financial transactions according to generally accepted accounting principles (GAAP) and concepts. The key functions of accounting are to record, classify, summarize, interpret, and communicate financial information to help evaluate performance, make decisions, direct activities, and identify errors and fraud. Accounting provides information on profits, losses, assets and liabilities through real, personal and nominal accounts according to basic rules.
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The document covers fundamental accounting topics in a lesson intended to teach basic accounting principles and processes.
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The document discusses several key accounting concepts:
1) The business entity concept treats a business as separate from its owners for accounting purposes.
2) The money measurement concept states that only transactions measurable in monetary terms are recorded.
3) Under the going concern concept, a business is viewed as continuing indefinitely into the future.
bookkeeping vs accounting
Bookkeepers process financial transactions such as invoices, receipts, and payments. They also maintain payroll systems and prepare initial financial statements and account reconciliations. In contrast, accountants provide higher-level services like taxation advice, auditing, business consulting, and financial management recommendations. While bookkeepers focus on day-to-day transaction processing and record keeping, accountants analyze financial data and advise on strategic and compliance issues.
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Accounting principle
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system that identifies, records, and communicates financial information about an entity. The accounting process includes recording economic events, classifying data, preparing financial statements, and analyzing and communicating results.
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difference between bookkeeping and accounting and accounting concepts and conventions good for the students of bba and bcom. may be useful for mba students also.
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Accounting principle & concept by sarmad baloch
Accounting principle & concept by sarmad baloch
I AM SARMAD KHOSA
BSIT (5TH A)
(ISP)
FACEBOOK PAGLE::
https://www.facebook.com/LAUGHINGHLAUGHTER/
YOUTUBE CHANNEL:::
https://www.youtube.com/channel/UCUjaIeS-DHI9xv-ZnBpx2hQ
6. vouching
Vouchers provide documentary evidence of transactions recorded in accounting books. Auditors examine vouchers to verify transactions are valid, authorized, and correctly recorded. The extent of vouching depends on the strength of the company's internal controls - stronger controls allow auditors to check a sample rather than all transactions. Vouching typically involves two people comparing details in books to supporting documents. Cut-off procedures ensure physical inventory and account balances agree by properly accounting for stock movements and sales/purchases around the reporting date.
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Accounting involves recording, classifying, and summarizing financial transactions and events. It has several objectives, including maintaining business records, ascertaining profit/loss, determining financial position, and providing information to users. The accounting process involves identifying transactions, recording them, classifying records, summarizing data, and interpreting results. Principles like the business entity concept, money measurement concept, and matching concept guide the accounting process. Accounting provides useful information but has limitations like not reflecting qualitative factors or price changes.
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Accounting involves recording, classifying, and summarizing financial transactions and events in a way that adheres to generally accepted accounting principles (GAAP). It is both an art and a science - it applies scientific principles and methods (the science) but also involves judgment and decision making (the art). Proper accounting provides useful financial information to both internal and external users of the financial statements and allows for informed decision making.
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Accounting involves identifying, measuring, recording, classifying, summarizing, analyzing, interpreting, and communicating financial transactions according to generally accepted accounting principles (GAAP) and concepts. The key functions of accounting are to record, classify, summarize, interpret, and communicate financial information to help evaluate performance, make decisions, direct activities, and identify errors and fraud. Accounting provides information on profits, losses, assets and liabilities through real, personal and nominal accounts according to basic rules.
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The document provides an outline for a lesson on accounting. It includes:
1. An introduction to accounting terms and concepts across 8 pages.
2. A case study on journalizing transactions, posting ledgers, and preparing a trial balance spanning 5 pages.
3. A section on bar diagrams, pie charts and expenses taking up 2 pages.
4. Conclusions and bibliography in 1 page.
The document covers fundamental accounting topics in a lesson intended to teach basic accounting principles and processes.
Introduction to Accounting
This document provides a brief introduction to accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events in terms of money. Accounting is necessary for businesses to track their finances and is useful for various stakeholders like owners, investors, creditors, employees and the government. The document outlines the accounting process, including books of original entry, ledger, trial balance, financial statements, and the accounting cycle. It describes accounting as both an art and a science, and discusses the objectives and functions of accounting for businesses.
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The document discusses several key accounting concepts:
1) The business entity concept treats a business as separate from its owners for accounting purposes.
2) The money measurement concept states that only transactions measurable in monetary terms are recorded.
3) Under the going concern concept, a business is viewed as continuing indefinitely into the future.
bookkeeping vs accounting
Bookkeepers process financial transactions such as invoices, receipts, and payments. They also maintain payroll systems and prepare initial financial statements and account reconciliations. In contrast, accountants provide higher-level services like taxation advice, auditing, business consulting, and financial management recommendations. While bookkeepers focus on day-to-day transaction processing and record keeping, accountants analyze financial data and advise on strategic and compliance issues.
Accounting Concepts and Conventions
This document discusses key accounting concepts and conventions. It defines accounting and outlines concepts such as the business entity, going concern, money measurement, dual aspect, accounting period, cost, realization, matching, and accrual. It also discusses conventions like full disclosure, consistency, materiality, and conservatism. The concepts and conventions establish the principles and framework for recording, classifying, and reporting financial information about economic entities.
Accounting terminology
This document defines key accounting terms and concepts such as bookkeeping, accounting, accounting principles, and accounting transactions. It discusses the meaning and objectives of bookkeeping, the features of accounting, basic accounting terminology, and the branches and concepts of accounting. The key points covered include defining bookkeeping as the process of recording business transactions, outlining the objectives of bookkeeping such as maintaining permanent records and determining profit and loss, and explaining basic terms like assets, liabilities, debits, and credits.
Accounting conventions ppt @ mba finance
This document discusses accounting conventions and policies. It covers the sources of accounting concepts like IAS 1 and the IASB framework. Key accounting conventions are described, including fair presentation, going concern, accruals, and consistency. IAS1 requires these conventions be followed. The nature and purpose of accounting conventions is to influence how financial statement line items are recorded, valued, and presented.
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This document discusses key accounting principles and concepts. It defines generally accepted accounting principles (GAAP) as principles that have substantial authoritative support and general acceptability. It classifies accounting principles into concepts and conventions. Some key concepts discussed include going concern, consistency, and accrual assumptions as well as the accounting entity, money measurement, matching, and revenue recognition principles. The document also explains conventions like materiality, conservatism, and the dual aspect principle.
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This document provides an introduction to bookkeeping and accounting. It defines bookkeeping as recording business transactions involving money. The objective is to calculate profit/loss and assets/liabilities. Advantages include permanent records, accuracy, and financial planning. Accounting is defined as identifying, measuring, and communicating economic information to allow informed decisions. It discusses the accounting cycle and the differences between accountancy, accounting, and bookkeeping. It also covers the branches of accounting and some basic accounting terms and concepts.
Unit 4 Vouching
It is a presentation on basic introduction to the subject of Vouching.
This is published only for education and information purpose.
Accounting concept and conventions
Accounting concepts and conventions help ensure that financial statements accurately portray a business's activities and results. Key concepts include the true and fair view, separate entity, money measurement, objective evidence, historical record, and matching income with expenses from an accounting period. Conventions like conservatism, full disclosure, consistency, and materiality also help financial statements be useful, understandable, comparable, and objective. Accounting policies apply these concepts and conventions at both the recording and reporting stages.
Accounting principle
1) The document provides an overview of accounting principles and the accounting process. It discusses the basic accounting equation, transactions, debits and credits, and the key financial statements.
2) Sample transactions are presented for a new business that purchases equipment, supplies, earns revenue, and pays expenses. Journal entries are provided to record each transaction.
3) Accounting is defined as a system that identifies, records, and communicates financial information about an entity. The accounting process includes recording economic events, classifying data, preparing financial statements, and analyzing and communicating results.
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The document provides an index and contents for a book on accounting. It includes 7 chapters that cover topics like basic accounting terms, generally accepted accounting principles, the accounting cycle, journal entries, preparing trial balances, and using charts to analyze expenses. The document also includes 4 pages of introduction to accounting that define accounting, its objectives and users, the different types of accounting, and the accounting equation.
Accounting concepts and conventions
difference between bookkeeping and accounting and accounting concepts and conventions good for the students of bba and bcom. may be useful for mba students also.
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Accounting principle & concept by sarmad baloch
Accounting principle & concept by sarmad baloch
I AM SARMAD KHOSA
BSIT (5TH A)
(ISP)
FACEBOOK PAGLE::
https://www.facebook.com/LAUGHINGHLAUGHTER/
YOUTUBE CHANNEL:::
https://www.youtube.com/channel/UCUjaIeS-DHI9xv-ZnBpx2hQ
6. vouching
Vouchers provide documentary evidence of transactions recorded in accounting books. Auditors examine vouchers to verify transactions are valid, authorized, and correctly recorded. The extent of vouching depends on the strength of the company's internal controls - stronger controls allow auditors to check a sample rather than all transactions. Vouching typically involves two people comparing details in books to supporting documents. Cut-off procedures ensure physical inventory and account balances agree by properly accounting for stock movements and sales/purchases around the reporting date.
Objectivity Principle | Accounting
Objectivity Principle requires that accounting transaction should be recorded in an objective manner, free from the personal bias of either management or the accountant who prepares the accounts. Copy the link given below and paste it in new browser window to get more information on Objectivity Principle:- http://www.transtutors.com/homework-help/accounting/accounting-basics-objectivity-principle/
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Agenda
● What is event processing in MuleSoft?
● Types of event processing models in Mule 4
● Distinction between the reactive, parallel, blocking & non-blocking processing
For Upcoming Meetups Join Mysore Meetup Group - https://meetups.mulesoft.com/mysore/YouTube:- youtube.com/@mulesoftmysore
Mysore WhatsApp group:- https://chat.whatsapp.com/EhqtHtCC75vCAX7gaO842N
Speaker:-
Shivani Yasaswi - https://www.linkedin.com/in/shivaniyasaswi/
Organizers:-
Shubham Chaurasia - https://www.linkedin.com/in/shubhamchaurasia1/
Giridhar Meka - https://www.linkedin.com/in/giridharmeka
Priya Shaw - https://www.linkedin.com/in/priya-shaw
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www.StokeNewingtonHistory.com
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HYPERTENSION - SLIDE SHARE PRESENTATION.
IT WILL BE HELPFULL FOR THE NUSING STUDENTS
IT FOCUSED ON MEDICAL MANAGEMENT AND NURSING MANAGEMENT.
HIGHLIGHTS ON HEALTH EDUCATION.
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(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
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- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
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Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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Accounting Principles
- 2. • According tothe business entity principles,business is consideredto be separate anddistinctfromits owner. Businesstransactions,therefore, are recorded in the book of accountsfrom the business pointof view and notowner.
- 3. • According to the money measurement principles, transactions and events that can be measured in money terms are recorded in the book of accounts of the enterprise. In other words, money is the common denominator in recording and reporting all transactions.
- 4. Accounting period principle • According to the accounting period principles, the life of an enterprise is broken into smaller periods so that its performance is measured at regular intervals.
- 5. • According to the full disclosure principles, “there should be complete and understandable reporting on the financial statements of all significant information relating to the economic affairs of the entity.”
- 6. • The materiality principles refers to the relative importance of an item or an events. • Accordingto the American Accounting Associations, “an item influence the decisions of an informed investor.”
- 7. • According to the matching concept, cost incurred to earn revenue is recognized as expenses in the period when related revenue is recognized as earned.