This document discusses key accounting concepts and principles, including accounting concepts, accounting conventions, and specific concepts like business entity, money measurement, going concern, historical cost, prudence/conservatism, and more. It provides definitions and examples for concepts like realizing revenues when major activities are complete rather than when cash is received, expenses being recognized when incurred rather than when cash is paid, and assets being recorded at historical cost rather than current value.
This document discusses key accounting concepts and principles that guide the preparation of financial statements. It outlines concepts like business entity, historical cost, matching, and realization which determine when revenues and expenses are recognized. Users of financial statements like investors, lenders, and managers are also identified who rely on statements to make important economic decisions. However, statements are noted to only provide partial information about a company's financial position.
This document discusses key accounting concepts and principles that guide the preparation of financial statements. It describes 12 major concepts: business entity, money measurement, going concern, historical cost, prudence/conservatism, materiality, objectivity, consistency, accruals/matching, realization, uniformity, and disclosure. The concepts establish guidelines for recognizing and valuing assets, expenses and revenues to provide useful information to financial statement users.
The document discusses the key principles and concepts of accounting. It explains that accounting principles provide guidelines for preparing financial statements and include concepts like business entity, historical cost, and matching. Various users of financial statements are also identified, such as investors, lenders, and management. Their different information needs are described. Finally, specific accounting concepts like consistency and materiality are defined in further detail.
Accounting Concepts and Principles with ExamplesRahul's Ventures
The document discusses key accounting concepts and principles that guide the preparation of financial statements. It describes 12 major concepts: business entity, money measurement, going concern, historical cost, prudence, materiality, objectivity, consistency, accruals/matching, realization, uniformity, and disclosure. The concepts establish guidelines around recognizing, valuing, and reporting economic events to help ensure financial statements provide a fair representation of a company's financial position and performance.
The document discusses key accounting concepts and principles used to prepare financial statements. It outlines concepts such as business entity, money measurement, going concern, historical cost, prudence/conservatism, and accruals/matching. It also discusses the objectives of financial statements for different users and limitations of conventional statements. Accounting principles like objectivity, consistency, materiality, and realization are explained with examples.
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
This document provides an overview of key accounting concepts, including:
- Business entity, which treats a business and its owners as separate entities.
- Money measurement, which records all transactions in monetary terms to allow for comparison.
- Going concern, which assumes a business will continue operating indefinitely.
- Historical cost, which records assets at their original purchase price rather than current value.
- Conservatism, which avoids anticipating revenues and ensures all potential losses are accounted for.
1) The document discusses key accounting concepts and conventions. It defines 11 accounting concepts including business entity, money measurement, going concern, and historical cost.
2) It also explains 3 common accounting conventions: full disclosure, consistency, and conservatism. Conventions represent generally accepted practices adopted through agreement, while concepts provide a theoretical foundation.
3) The main difference between concepts and conventions is that concepts cannot involve personal bias and are not uniformly adopted, while conventions are uniformly adopted based on customs or legal guidelines.
This document discusses key accounting concepts and principles that guide the preparation of financial statements. It outlines concepts like business entity, historical cost, matching, and realization which determine when revenues and expenses are recognized. Users of financial statements like investors, lenders, and managers are also identified who rely on statements to make important economic decisions. However, statements are noted to only provide partial information about a company's financial position.
This document discusses key accounting concepts and principles that guide the preparation of financial statements. It describes 12 major concepts: business entity, money measurement, going concern, historical cost, prudence/conservatism, materiality, objectivity, consistency, accruals/matching, realization, uniformity, and disclosure. The concepts establish guidelines for recognizing and valuing assets, expenses and revenues to provide useful information to financial statement users.
The document discusses the key principles and concepts of accounting. It explains that accounting principles provide guidelines for preparing financial statements and include concepts like business entity, historical cost, and matching. Various users of financial statements are also identified, such as investors, lenders, and management. Their different information needs are described. Finally, specific accounting concepts like consistency and materiality are defined in further detail.
Accounting Concepts and Principles with ExamplesRahul's Ventures
The document discusses key accounting concepts and principles that guide the preparation of financial statements. It describes 12 major concepts: business entity, money measurement, going concern, historical cost, prudence, materiality, objectivity, consistency, accruals/matching, realization, uniformity, and disclosure. The concepts establish guidelines around recognizing, valuing, and reporting economic events to help ensure financial statements provide a fair representation of a company's financial position and performance.
The document discusses key accounting concepts and principles used to prepare financial statements. It outlines concepts such as business entity, money measurement, going concern, historical cost, prudence/conservatism, and accruals/matching. It also discusses the objectives of financial statements for different users and limitations of conventional statements. Accounting principles like objectivity, consistency, materiality, and realization are explained with examples.
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
This document provides an overview of key accounting concepts, including:
- Business entity, which treats a business and its owners as separate entities.
- Money measurement, which records all transactions in monetary terms to allow for comparison.
- Going concern, which assumes a business will continue operating indefinitely.
- Historical cost, which records assets at their original purchase price rather than current value.
- Conservatism, which avoids anticipating revenues and ensures all potential losses are accounted for.
1) The document discusses key accounting concepts and conventions. It defines 11 accounting concepts including business entity, money measurement, going concern, and historical cost.
2) It also explains 3 common accounting conventions: full disclosure, consistency, and conservatism. Conventions represent generally accepted practices adopted through agreement, while concepts provide a theoretical foundation.
3) The main difference between concepts and conventions is that concepts cannot involve personal bias and are not uniformly adopted, while conventions are uniformly adopted based on customs or legal guidelines.
This document discusses key accounting concepts and conventions. It explains 12 major accounting concepts including business entity, money measurement, going concern, accounting period, historical cost, dual aspect, revenue recognition, matching, accrual, objectivity, timeliness and cost benefit. It also outlines 4 major accounting conventions: full disclosure, consistency, conservatism and materiality. Finally, it distinguishes between concepts and conventions by noting concepts are established by law and applied uniformly, while conventions are based on customs and allow for some bias and lack of uniform adoption.
Accounting concepts and principles - Made EasyBhavita Bhatt
This document discusses key accounting concepts and principles. It defines concepts like business entity, money measurement, going concern, accounting period, accounting cost, dual aspect, objectivity, realization, accrual, and matching. It explains their meanings and significance for maintaining uniformity and consistency in accounting. Some principles covered are full disclosure, materiality, uniformity/consistency, prudence/conservatism, and substance over form. Various users of financial statements like investors, lenders, and management are also outlined.
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
This document provides an overview of accounting standards in India. It discusses that accounting standards are issued by the Institute of Chartered Accountants of India and are written policies that standardize accounting policies and ensure reliability, comparability and disclosure in financial statements. Specifically, it outlines standards for disclosure of accounting policies, valuation of inventories, cash flow statements, treatment of contingencies and events, and depreciation accounting. The objectives and key aspects of each standard are summarized.
469206 Basic Underlying Accounting PrinciplesMarlin Duo
The document outlines several basic underlying accounting principles including:
- Revenue is recognized when delivery has occurred, services have been rendered, the price is fixed, and collectibility is reasonably assured.
- The matching concept requires that revenue and expenses be recorded in the same accounting period.
- Historical cost is the proper basis for recording assets, expenses, equity, and other accounts.
- Financial statements must include all necessary information for valid decision making.
- Accounting procedures must be consistent from period to period.
Accounting standard 17 its application in corporate sectorVivek Mahajan
The document is a project report submitted by a student named Vivek Shriram Mahajan to the University of Mumbai in partial fulfillment of an M.Com degree. It discusses Accounting Standard 17 on segment reporting in India. The report includes an introduction to accounting standards, a list of Indian accounting standards, definitions related to segment reporting, and an analysis of the application of segment reporting in an Indian conglomerate called the Tata Group.
This document discusses key accounting concepts and conventions. It explains 11 accounting concepts including business entity, money measurement, going concern, accounting period, historical cost, dual aspect, revenue recognition, matching, accrual, objectivity and timeliness. It also discusses 4 accounting conventions: full disclosure, consistency, conservatism and materiality. The concepts provide the foundation for accounting and financial reporting while the conventions are generally accepted practices adopted by accountants. The document differentiates between concepts, which are established by law, and conventions, which are based on customs.
Principles of Accounting 12th Ch-23.pptxcadeyare1201
The learning objectives are to prepare budgets for direct labor, manufacturing overhead, selling and administrative expenses, and a budgeted income statement. These budgets are all components of the master budget and are used to project expenses and income for the budget period. The direct labor budget shows labor hours and costs needed based on production requirements. The manufacturing overhead budget separates fixed and variable overhead costs. The selling and administrative expense budget also distinguishes fixed and variable expenses. All of these budgets feed into the budgeted income statement, which indicates the expected profitability of operations.
The document discusses budgets and budgetary control. It defines a budget as a written plan of action prepared in advance based on objectives to be attained, expressed in monetary and/or physical units. Budgets are prepared for the implementation of management policy and may provide sales targets or production targets. Budgets are used as a means of control by comparing actual results to the budget and taking corrective action for deviations. Budgetary control refers to using budgets to control a firm's activities.
The document discusses budgets and budgetary control. It provides definitions of budgets, including that a budget is a financial plan prepared in advance. It explains that budgets are prepared for key areas like purchases, sales, production, and cash. The cash budget estimates changes to the bank balance over the budget period. Benefits of budgets include assisting planning, communication, decision-making, and motivation. Limitations include potential inaccuracy and risk of demotivating staff.
GAAP (Generally Accepted Accounting Principles) consists of basic accounting principles, detailed FASB rules and standards, and industry practices. Public companies must follow GAAP in their financial statements. GAAP aims to standardize accounting to allow for consistency and comparability between companies. The 10 basic accounting principles that underlie GAAP include the economic entity assumption, monetary unit assumption, time period assumption, cost principle, full disclosure principle, going concern principle, matching principle, revenue recognition principle, materiality principle, and conservatism.
This article discusses where profits and losses should be recognized in the statement of comprehensive income - in profit or loss or other comprehensive income. There is currently no clear conceptual framework providing guidance. Individual standards direct where gains and losses are reported. The IASB's discussion paper proposed recognizing results of transactions, impairments in profit/loss and changes in asset costs in OCI if it makes profit/loss more relevant. Recycling, where gains/losses are reclassified from equity to profit/loss is also addressed. Standards like IAS 21 require recycling while IAS 16 prohibits it. There is debate around double counting gains/losses in both statements.
Losses & Low profits- A Transfer Pricing perspectiveAjit Jain
The document discusses transfer pricing perspectives on losses or low profits incurred by entities engaged in related party transactions. It addresses several key points:
1) Losses or low profits are not necessarily abnormal and can have commercial explanations not related to transfer pricing. The key is whether transactions were conducted at arm's length prices.
2) Losses can be justified if they are temporary and due to start-up costs, economic downturn, business strategies to gain market share, or other explainable reasons.
3) Taxpayers should maintain documentation to show losses are due to non-transfer pricing commercial factors rather than related party transaction pricing issues. Comparability analysis and economic adjustments may also be needed.
This document provides an overview of accounting standards 21 through 30. It discusses key topics including consolidated financial statements, accounting for taxes on income, accounting for investments in associates, discontinuing operations, interim financial reporting, intangible assets, financial reporting of interests in joint ventures, impairment of assets, provisions, contingent liabilities and contingent assets, and financial instruments recognition and measurement. The presentation was made by a group of students to provide context on important accounting standards under the guidance of their professor.
Cost and management accounting I_Ch._1[1].pptxabiyotbayeta
Cost accounting provides information for operational planning and control, special decisions, and product decisions. It involves gathering, classifying, and summarizing cost data to determine the costs of products, plan and control costs, and provide information for management decision making. Accounting information is crucial for the planning, control, and evaluation phases of the management process.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
This document discusses key accounting concepts and conventions. It explains 12 major accounting concepts including business entity, money measurement, going concern, accounting period, historical cost, dual aspect, revenue recognition, matching, accrual, objectivity, timeliness and cost benefit. It also outlines 4 major accounting conventions: full disclosure, consistency, conservatism and materiality. Finally, it distinguishes between concepts and conventions by noting concepts are established by law and applied uniformly, while conventions are based on customs and allow for some bias and lack of uniform adoption.
Accounting concepts and principles - Made EasyBhavita Bhatt
This document discusses key accounting concepts and principles. It defines concepts like business entity, money measurement, going concern, accounting period, accounting cost, dual aspect, objectivity, realization, accrual, and matching. It explains their meanings and significance for maintaining uniformity and consistency in accounting. Some principles covered are full disclosure, materiality, uniformity/consistency, prudence/conservatism, and substance over form. Various users of financial statements like investors, lenders, and management are also outlined.
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
This document provides an overview of accounting standards in India. It discusses that accounting standards are issued by the Institute of Chartered Accountants of India and are written policies that standardize accounting policies and ensure reliability, comparability and disclosure in financial statements. Specifically, it outlines standards for disclosure of accounting policies, valuation of inventories, cash flow statements, treatment of contingencies and events, and depreciation accounting. The objectives and key aspects of each standard are summarized.
469206 Basic Underlying Accounting PrinciplesMarlin Duo
The document outlines several basic underlying accounting principles including:
- Revenue is recognized when delivery has occurred, services have been rendered, the price is fixed, and collectibility is reasonably assured.
- The matching concept requires that revenue and expenses be recorded in the same accounting period.
- Historical cost is the proper basis for recording assets, expenses, equity, and other accounts.
- Financial statements must include all necessary information for valid decision making.
- Accounting procedures must be consistent from period to period.
Accounting standard 17 its application in corporate sectorVivek Mahajan
The document is a project report submitted by a student named Vivek Shriram Mahajan to the University of Mumbai in partial fulfillment of an M.Com degree. It discusses Accounting Standard 17 on segment reporting in India. The report includes an introduction to accounting standards, a list of Indian accounting standards, definitions related to segment reporting, and an analysis of the application of segment reporting in an Indian conglomerate called the Tata Group.
This document discusses key accounting concepts and conventions. It explains 11 accounting concepts including business entity, money measurement, going concern, accounting period, historical cost, dual aspect, revenue recognition, matching, accrual, objectivity and timeliness. It also discusses 4 accounting conventions: full disclosure, consistency, conservatism and materiality. The concepts provide the foundation for accounting and financial reporting while the conventions are generally accepted practices adopted by accountants. The document differentiates between concepts, which are established by law, and conventions, which are based on customs.
Principles of Accounting 12th Ch-23.pptxcadeyare1201
The learning objectives are to prepare budgets for direct labor, manufacturing overhead, selling and administrative expenses, and a budgeted income statement. These budgets are all components of the master budget and are used to project expenses and income for the budget period. The direct labor budget shows labor hours and costs needed based on production requirements. The manufacturing overhead budget separates fixed and variable overhead costs. The selling and administrative expense budget also distinguishes fixed and variable expenses. All of these budgets feed into the budgeted income statement, which indicates the expected profitability of operations.
The document discusses budgets and budgetary control. It defines a budget as a written plan of action prepared in advance based on objectives to be attained, expressed in monetary and/or physical units. Budgets are prepared for the implementation of management policy and may provide sales targets or production targets. Budgets are used as a means of control by comparing actual results to the budget and taking corrective action for deviations. Budgetary control refers to using budgets to control a firm's activities.
The document discusses budgets and budgetary control. It provides definitions of budgets, including that a budget is a financial plan prepared in advance. It explains that budgets are prepared for key areas like purchases, sales, production, and cash. The cash budget estimates changes to the bank balance over the budget period. Benefits of budgets include assisting planning, communication, decision-making, and motivation. Limitations include potential inaccuracy and risk of demotivating staff.
GAAP (Generally Accepted Accounting Principles) consists of basic accounting principles, detailed FASB rules and standards, and industry practices. Public companies must follow GAAP in their financial statements. GAAP aims to standardize accounting to allow for consistency and comparability between companies. The 10 basic accounting principles that underlie GAAP include the economic entity assumption, monetary unit assumption, time period assumption, cost principle, full disclosure principle, going concern principle, matching principle, revenue recognition principle, materiality principle, and conservatism.
This article discusses where profits and losses should be recognized in the statement of comprehensive income - in profit or loss or other comprehensive income. There is currently no clear conceptual framework providing guidance. Individual standards direct where gains and losses are reported. The IASB's discussion paper proposed recognizing results of transactions, impairments in profit/loss and changes in asset costs in OCI if it makes profit/loss more relevant. Recycling, where gains/losses are reclassified from equity to profit/loss is also addressed. Standards like IAS 21 require recycling while IAS 16 prohibits it. There is debate around double counting gains/losses in both statements.
Losses & Low profits- A Transfer Pricing perspectiveAjit Jain
The document discusses transfer pricing perspectives on losses or low profits incurred by entities engaged in related party transactions. It addresses several key points:
1) Losses or low profits are not necessarily abnormal and can have commercial explanations not related to transfer pricing. The key is whether transactions were conducted at arm's length prices.
2) Losses can be justified if they are temporary and due to start-up costs, economic downturn, business strategies to gain market share, or other explainable reasons.
3) Taxpayers should maintain documentation to show losses are due to non-transfer pricing commercial factors rather than related party transaction pricing issues. Comparability analysis and economic adjustments may also be needed.
This document provides an overview of accounting standards 21 through 30. It discusses key topics including consolidated financial statements, accounting for taxes on income, accounting for investments in associates, discontinuing operations, interim financial reporting, intangible assets, financial reporting of interests in joint ventures, impairment of assets, provisions, contingent liabilities and contingent assets, and financial instruments recognition and measurement. The presentation was made by a group of students to provide context on important accounting standards under the guidance of their professor.
Cost and management accounting I_Ch._1[1].pptxabiyotbayeta
Cost accounting provides information for operational planning and control, special decisions, and product decisions. It involves gathering, classifying, and summarizing cost data to determine the costs of products, plan and control costs, and provide information for management decision making. Accounting information is crucial for the planning, control, and evaluation phases of the management process.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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2. MEANING OF ACCOUNTING PRINCIPLES
Accounting principles refer to the rules and
actions adopted by the accountants globally for
recording accounting transactions.
These are classified into two categories:
Accounting concepts
Accounting conventions
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Amit
Gupta
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3. 1. Accounting Concepts
Accounting concepts include the assumptions
and conditions on which the science of
accounting is based.
These are also known as accounting standards.
2. Accounting Conventions
Accounting conventions include the customs and
traditions that assists the accountants in
preparing accounting statements.
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Amit
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6. BUSINESS ENTITY
Meaning
The business and its owner(s) are two separate
existence entity
Any private and personal incomes and expenses of the
owner(s) should not be treated as the incomes and
expenses of the business
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Amit
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7. Examples
Insurance premiums for the owner’s house should be
excluded from the expense of the business
The owner’s property should not be included in the
premises account of the business
Any payments for the owner’s personal expenses by the
business will be treated as drawings and reduced the
owner’s capital contribution in the business
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Amit
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9. MONEY MEASUREMENT
Meaning
All transactions of the business are recorded in terms of
money
It provides a common unit of measurement
Examples
Market conditions, technological changes and the
efficiency of management would not be disclosed in the
accounts
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Amit
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11. GOING CONCERN
Meaning
The business will continue in operational existence for
the foreseeable future
Financial statements should be prepared on a going
concern basis unless management either intends to
liquidate the enterprise or to cease trading, or has no
realistic alternative but to do so
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Amit
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12. Example
Possible losses form the closure of business will not be
anticipated in the accounts
Prepayments, depreciation provisions may be carried
forward in the expectation of proper matching against the
revenues of future periods
Fixed assets are recorded at historical cost
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Amit
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14. HISTORICAL COST
Meaning
Assets should be shown on the balance sheet at the cost
of purchase instead of current value
Example
The cost of fixed assets is recorded at the date of
acquisition cost. The acquisition cost includes all
expenditure made to prepare the asset for its intended
use. It included the invoice price of the assets, freight
charges, insurance or installation costs
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Amit
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16. PRUDENCE/CONSERVATISM
Meaning
Revenues and profits are not anticipated. Only realized
profits with reasonable certainty are recognized in the
profit and loss account
However, provision is made for all known expenses and
losses whether the amount is known for certain or just an
estimation
This treatment minimizes the reported profits and the
valuation of assets
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Amit
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17. Example
Stock valuation sticks to rule of the lower of cost and net
realizable value
The provision for doubtful debts should be made
Fixed assets must be depreciated over their useful
economic lives
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Amit
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19. MATERIALITY
Meaning
Immaterial amounts may be aggregated with the amounts
of a similar nature or function and need not be presented
separately
Materiality depends on the size and nature of the item
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Amit
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20. Example
Small payments such as postage, stationery and cleaning
expenses should not be disclosed separately. They should
be grouped together as sundry expenses
The cost of small-valued assets such as pencil
sharpeners and paper clips should be written off to the
profit and loss account as revenue expenditures, although
they can last for more than one accounting period
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Amit
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22. OBJECTIVITY
Meaning
The accounting information should be free from bias
and capable of independent verification
The information should be based upon verifiable
evidence such as invoices or contracts
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Amit
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23. Example
The recognition of revenue should be based on verifiable
evidence such as the delivery of goods or the issue of
invoices
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Amit
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25. CONSISTENCY
Meaning
Companies should choose the most suitable accounting
methods and treatments, and consistently apply them in
every period
Changes are permitted only when the new method is
considered better and can reflect the true and fair view of
the financial position of the company
The change and its effect on profits should be disclosed in
the financial statements
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26. Examples
If a company adopts straight line method and should not
be changed to adopt reducing balance method in other
period
If a company adopts weight-average method as stock
valuation and should not be changed to other method e.g.
first-in-first-out method
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28. ACCRUALS/MATCHING
Meaning
Revenues are recognized when they are earned, but not
when cash is received
Expenses are recognized as they are incurred, but not
when cash is paid
The net income for the period is determined by
subtracting expenses incurred from revenues earned
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29. Example
Expenses incurred but not yet paid in current period
should be treated as accrual/accrued expenses under
current liabilities
Expenses incurred in the following period but paid for in
advance should be treated as prepayment expenses
under current asset
Depreciation should be charged as part of the cost of a
fixed asset consumed during the period of use
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30. PROBLEMS IN THE RECOGNITION OF
EXPENSES
Normally, expenses represents resources
consumed during the current period. Some costs
may benefit several accounting periods, for
example, development expenditures, depreciation
on fixed assets.
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31. RECOGNITION CRITERIA FOR EXPENSES
Association between cause and effect
Expenses are recognized on the basis of a
direct association between the expenses
incurred on the basis of a direct association
between the expenses incurred and revenues
earned
For example, the sales commissions should be
accounted for in the period when the products
are sold, not when they are paid
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32. Systematic allocation of costs
When the cost benefit several accounting periods,
they should be recognized on the basis of a
systematic and rational allocation method
For example, a provision for depreciation should
be made over the estimated useful life of a fixed
asset
Immediate recognition
If the expenses are expected to have no certain
future benefit or are even without future benefit,
they should be written off in the current accounting
period, for example, stock losses, advertising
expenses and research costs
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34. REALIZATION
Meaning
Revenues should be recognized when the major
economic activities have been completed
Sales are recognized when the goods are sold and
delivered to customers or services are rendered
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35. RECOGNITION OF REVENUE
The realization concept develops rules for the
recognition of revenue
The concept provides that revenues are recognized
when it is earned, and not when money is received
A receipt in advance for the supply of goods should
be treated as prepaid income under current liabilities
Since revenue is a principal component in the
measurement of profit, the timing of its recognition
has a direct effect on the profit
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36. RECOGNITION CRITERIA FOR REVENUES
The uncertain profits should not be estimated,
whereas reported profits must be verifiable
Revenue is recognized when
1. The major earning process has substantially
been completed
2. Further cost for the completion of the earning
process are very slight or can be accurately
ascertained, and
3. The buyer has admitted his liability to pay for
the goods or services provided and the ultimate
collection is relatively certain
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37. Example
Goods sent to our customers on sale or return basis
This means the customer do not pay for the goods until
they confirm to buy. If they do not buy, those goods will
return to us
Goods on the ‘sale or return’ basis will not be treated as
normal sales and should be included in the closing stock
unless the sales have been confirmed by customers
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38. PROBLEMS IN THE RECOGNITION OF REVENUE
Normally, revenue is recognized when there is a sale
The point of sales in the earning process is selected
as the most appropriated time to record revenues
However, if revenue is earned in a long and
continuous process, it is difficult to determine the
portion of revenue which is earned at each stage
Therefore, revenue is permitted to be recorded other
than at the point of sales
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39. EXCEPTIONS TO RULE OF SALES
RECOGNITION
1. Long-term contracts
Owning to the long duration of long-term
contracts, part of the total profit estimated to
have been arisen from the accounting period
should be included in the profit and loss account
2. Hire Purchase Sale
Hire purchase sales have long collection period.
Revenue should be recognized when cash
received rather than when the sale (transfer of
ownership) is made
The interest charged on a hire purchase sale
constitutes the profit of transaction
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40. 3. Receipts from subscriptions
- A publisher receives subscriptions before it
sends newspapers or magazines to its
customers
- It is proper to defer revenue recognition until the
service is rendered.
- However, part of subscription income can be
recognized as it is received in order to match
against the advertising expenses incurred
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42. DISCLOSURE
Meaning
Financial statements should be prepared to reflect a
true and fair view of the financial position and
performance of the enterprise
All material and relevant information must be disclosed
in the financial statements
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44. UNIFORMITY
Meaning
Different companies within the same industry should
adopt the same accounting methods and treatments for
like transactions
The practice enables inter-company comparisons of
their financial positions
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46. RELEVANCE
Meaning
Financial statements should be prepared to meet the
objectives of the users
Relevant information which can satisfy the needs of most
users is selected and recorded in the financial statement
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47. Monitor the performance of the organization
periodically
One accounting period will be considered
Calculating accounts for more than one accounting
period will be tedious
ACCOUNTING PERIOD CONCEPT