Qualitative characteristics & accounting principles slide show game
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This document outlines key qualitative characteristics and accounting principles. The qualitative characteristics that make financial reports useful are comparability, understandability, relevance, and reliability. Some important accounting principles discussed are the entity principle, going concern principle, historical cost principle, consistency principle, conservatism principle, and monetary principle. These principles provide guidance on how transactions should be recorded and reported.
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and LinkedIn account
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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.
Principles of accounting abu saleh chand
This document provides an overview of accounting principles and the conceptual framework used in financial reporting. It discusses the key topics of generally accepted accounting principles set by the FASB, the objectives of providing useful financial information, qualitative characteristics like relevance and reliability, elements in financial statements, and operating guidelines including assumptions, principles, and constraints. The conceptual framework developed by the FASB serves as the basis for resolving accounting problems and consists of these important components.
Generally accepted accounting principal
This document summarizes 8 accounting principles:
1. Cost principle - Assets are recorded at their cost at the time of acquisition.
2. Objective principle - Assets valuation is factual and can be verified independently.
3. Going concern principle - Transactions are recorded with the assumption the business will continue operating.
4. Full disclosure principle - All information affecting the financial statements must be disclosed.
5. Matching principle - Revenue and costs are matched in the appropriate accounting period.
6. Realization principle - Accounting records past transactions, it does not anticipate future events.
7. Business entity principle - The business is treated as separate from its owners.
8. Stable dollar assumption - The
Welcome to week 1 revised.pptx
This document provides an introduction to financial accounting. It defines accounting as identifying, analyzing, and recording economic transactions to produce financial reports. The goal of accounting is to provide useful information to decision makers. It discusses the basic forms of business (proprietorship, partnership, corporation) and notes that a proprietorship has unlimited liability. The document introduces Generally Accepted Accounting Principles (GAAP) and the qualitative characteristics and principles that guide accounting practices, such as relevance and consistency. It lists the four basic financial statements and notes that upcoming sessions will cover the income statement.
Chapter 1 management accounting
Management accounting provides information to managers for planning, decision making, performance evaluation, and control. It deals with internal reporting for managers as opposed to financial accounting which prepares external financial reports for stakeholders. Some key differences are that management accounting is not confined to only financial data, focuses on future forecasts and budgets, and helps managers control operations. It covers areas like cost accounting, decision analysis, performance evaluation, and budgeting.
3. gaap
Generally Accepted Accounting Principles (GAAP) are the standards and procedures companies use to compile their financial statements. GAAP include authoritative standards set by policy boards as well as commonly accepted practices. Companies must follow GAAP when reporting financial data to provide consistency for investors. Major components of GAAP include basic principles like the entity principle and matching principle, assumptions like going concern and stable dollar, and standards like objectivity, consistency, and conservatism.
Accounting Courses in chandigarh.pptx...
The fundamental rules and guidelines that govern financial reporting.
Ensure information is consistent, reliable, and comparable across companies.
Issued by organizations like the Financial Accounting Standards Board (FASB).
Provide a standardized framework for recording and presenting transactions.
Aim to increase transparency and reduce subjectivity in financial reporting.
Provide a clear definition of accounting principles. Stress their importance in promoting accuracy and credibility within the financial world.
Acc princ
The document outlines several key accounting concepts:
1) The going concern concept assumes a company will continue operating to achieve its objectives, affecting depreciation and asset valuation.
2) The revenue recognition principle states revenue should be recognized when earned, usually at the point of sale.
3) The cost principle dictates assets be recorded at cost, which is relevant and reliable.
Accounting basis 2
Global Leadership University provides lectures on accounting principles and concepts. The lectures cover topics such as the conceptual framework of accounting, accounting information, revenue recognition, the matching principle, and accrual basis versus cash basis accounting. Generally accepted accounting principles provide standards and rules for financial reporting and the Financial Accounting Standards Board is responsible for developing these principles.
accounting mcq
The document discusses several key accounting concepts:
- Going concern assumes the business will continue indefinitely and financial statements are prepared on this basis. If not applicable, it must be disclosed.
- Accruals recognizes transactions when they occur rather than when cash is received/paid to show the true trading position undistorted by cash flows.
- Reliability means financial statements are free from material error or bias.
- Prudence involves exercising caution when making judgments under conditions of uncertainty.
- Neutrality means financial statements are free from bias and do not distort performance or position.
- Comparability allows comparison of results over time and between entities by applying policies consistently.
Public Sector accounting.pptx
The document discusses the key principles of government accounting, including the basis of accounting (cash vs accrual basis). It provides examples of how transactions are recorded under each method. The cash basis recognizes revenue/expenses when cash is received/paid, while the accrual basis recognizes them when earned/incurred regardless of cash flow. The document also outlines the major accounting principles such as economic entity, going concern, matching, monetary unit, cost, revenue recognition, time period, conservatism, consistency, full disclosure, reliability, and materiality. It explains what each principle means and how it impacts financial reporting.
accountingconceptsconventions-091002014324-phpapp02.ppt
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.
(MBA SEM 1) SEM 1 Accounting Principles.pptx
Accounting principles provide guidelines for sound accounting practices and procedures. They aim to ensure uniformity and easy understanding of financial information.
There are two main categories of accounting principles: concepts and conventions. Concepts are basic assumptions used as a foundation for recording transactions, while conventions are customs that guide financial statement preparation.
Key concepts include business entity, money measurement, cost, going concern, dual aspect, realization, accrual, accounting period, and matching. Important conventions are consistency, conservatism, full disclosure, and materiality. Consistency provides comparability over time, while conservatism plays it safe and avoids overstating values. Full disclosure and materiality aim to make financial statements complete and understandable.
Day 3.pptx
This document provides an overview of double entry accounting and basic accounting concepts and conventions. It discusses key concepts such as the dual aspect concept, matching concept, accrual concept, and conventions like consistency and materiality. Double entry accounting is based on the idea that every transaction has a debit and credit. Basic accounting concepts establish guidelines for recording financial information, such as measuring transactions in monetary terms and treating the business as a separate entity from its owners.
6.Concept & Convention.pptx
Generally accepted accounting principles and accounting concepts and conventions provide guidelines for accurately recording and reporting financial information. GAAP are the commonly accepted standards for preparing financial statements. Accounting is based on basic assumptions like business entity, going concern, and money measurement concepts. Key principles include revenue recognition, matching revenues and expenses, and full disclosure. Concepts like materiality, consistency and conservatism also guide the application of accounting standards.
Accounting assumptions
Basic standard accounting assumptions
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What is Going Concern ?
The financial statements are normally prepared on the assumption that an enterprise will continue in operation in the foreseeable future and neither there is intention, nor there is need to materially curtail the scale of operations. Going concern assumption is not likely to be compatible with the intention or necessity to enter into a scheme of arrangement with the enterprise’s creditors or to liquidate in near future.
Financial statements prepared on going concern basis recognise among other things the need for sufficient retention of profit to replace assets consumed in operation and for making adequate provision for settlement of its liabilities. If any financial statement is prepared on a different basis, e.g. when assets of an enterprise are stated at net realisable values in its financial statements, the basis used should be disclosed.
What is Consistency ?
The principle of consistency refers to the practice of using same accounting policies for similar transactions in all accounting periods. The consistency improves comparability of financial statements through time. An accounting policy can be changed if the change is required (i) by a statute (ii) by an accounting standard (iii) for more appropriate presentation of financial statements.
What is Accrual basis of accounting ?
Under this basis of accounting, transactions are recognised as soon as they occur, whether or not cash or cash equivalent is actually received or paid. Accrual basis ensures better matching between revenue and cost and profit/loss obtained on this basis reflects activities of the enterprise during an accounting period, rather than cash flows generated by it.
While accrual basis is a more logical approach to profit determination than the cash basis of accounting, it exposes an enterprise to the risk of recognising an income before actual receipt. The accrual basis can therefore overstate the divisible profits and dividend decisions based on such overstated profit lead to erosion of capital. For this reason, accounting standards require that no revenue should be recognised unless the amount of consideration and actual realisation of the consideration is reasonably certain.
Accounting Principles.pptx
This document discusses key accounting concepts and principles, including:
- The business entity concept which treats a business separately from its owners.
- Generally Accepted Accounting Principles (GAAP) which are commonly followed rules and standards for financial reporting.
- Key accounting concepts like dual aspect, going concern, matching, and accrual which provide the framework for recording and reporting financial information.
4 acounting principle
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.
6. List and define the underlying conditions, or assumptions, which .pdf
6. List and define the underlying conditions, or assumptions, which have had an impact on the
development of GAAP.
Solution
ANSWER:
The underlying conditions/ assumptions, which have had an impact on the development of
GAAP are as follows:
--Business entity: The company for which the financial statements are prepared is distinct and
separate from the owners.
--Going concern or continuity : The assumption is made that the organisation will remain in
business for an indefinite time frame.
--Monetary unit : Accountants requires certain standard of measure to bring financial
transactions together in an appropriate way.
--Realization: Revenue must be recognized when the earning process is virtually complete and
the exchange value need to be objectively determined
--Matching: This concept states to recognize the costs that are related with the recognized
revenue
--Full disclosure: Accounting reports must disclose all facts that may influence the judgment of
an informed reader
--Materiality: The approach involves the relative size and importance of an item to a business.
--Verifiability: The accountant need to adhere as closely as possible to verifiable data.
--Industry practices: Few business use accounting reports that do not conform to the general
theory that underlies accounting
--Transaction approach : The accountant records only events that affect the business financial
position and also can be reasonably determined in monetary terms.
--Accrual basis: Expenses need to recognized when incurred (matching concept), and revenue
are to be recognized when it is realized (realization concept), and
--Consistency: The business must give the similar treatment to comparable transactions from
period to period
--Conservatism : The measurement with the least favorable effect on financial position and net
income in the current period need to be selected.
--Historical cost : Of the numerous values that could be used, the objective and determinable
value should be selected
-- Time period With this assumption, inaccuracies of accounting for entity short of its complete
life span are accepted..
Theory base of accounting, AS & IFRS
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Older adults who exercised regularly performed better on memory and thinking tests compared to those who did not exercise regularly. Regular exercise may help the brain work better and may reduce the risk of developing Alzheimer's disease or other dementias.
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6. List and define the underlying conditions, or assumptions, which .pdf
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Qualitative characteristics & accounting principles slide show game
- 1. Qualitative Characteristics & Accounting Principles
- 2. QUALITATIVE CHARACTISTICS ACCOUNTING PRINICPLES
- 3. QUALITATIVE CHARACTERISTICS (CURR) • Comparability • Understandability • Relevance • Reliability Back
- 4. COMPARABILITY Reports should be able to compared over time through the use of consistent accounting procedures Back
- 5. UNDERSTANDABILITY Reports should be presented in a manner that makes it easy for the user to comprehended their meaning. Back
- 6. RELEVANCE Reports should include all information which is useful for decision-making Back
- 7. RELIABILITY Reports should contain information verified by source document evidence so that it is free from bias Back
- 8. ACCOUNTING PRINCIPLES • Entity Principle • Going concern principle • Reporting period principle • Historical Cost principle • Consistency principle • Conservatism principle • Monetary principle Back
- 9. ENTITY PRINCIPLE The business is separate from the owner and other entities, and its records should be kept on this bias Back
- 10. Going concern principle The life of the business is assumed to be continuous, and its records are kept on that basis Back
- 11. Reporting period principle The life of the business must be divided into ‘periods’ of time to allow reports to be prepared, and the accounting records should reflect the reporting period in which a transaction occurs Back
- 12. Historical Cost principle Transactions should be recorded at their original purchase price, as this value is verifiable by source documents evidence. Back
- 13. Consistency Principle the business should use the same accounting methods to allow for the comparison of reports from one period to the next Back
- 14. Conservatism Principle Losses should be recorded when probable, but gains only when certain so that liabilities and expenses are not understated and assets and revenues are not overstated Back
- 15. Monetary Principle All items must be recorded and reported in the currency of the country of location where the reports are being prepared Back