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This document discusses key accounting concepts such as the separate entity concept, money measurement concept, accounting period concept, going concern concept, cost concept, conservatism concept, materiality concept, consistency concept, matching concept, accrual basis of accounting, double entry concept, and timeliness concept. It provides 7 illustrations explaining the application of these concepts in areas such as treatment of personal expenses in business accounts, impact of succession disputes on company accounts, issues in preparing consolidated results with different accounting periods, valuation of assets, accounting for bad debts, changes in inventory valuation policies, and recognition of salary expenses on cash vs accrual basis.
This document discusses key accounting concepts such as the separate entity concept, money measurement concept, accounting period concept, going concern concept, cost concept, conservatism concept, materiality concept, consistency concept, matching concept, accrual basis of accounting, double entry concept, and timeliness concept. It provides 7 illustrations explaining the application of these concepts in areas such as treatment of personal expenses in business accounts, impact of succession disputes on company accounts, issues in preparing consolidated results with different accounting periods, valuation of assets, accounting for bad debts, changes in inventory valuation policies, and recognition of salary expenses on cash vs accrual basis.
This document discusses key accounting concepts such as the separate entity concept, money measurement concept, accounting period concept, going concern concept, cost concept, conservatism concept, materiality concept, consistency concept, matching concept, accrual basis of accounting, double entry concept, and timeliness concept. It provides 7 illustrations explaining the application of these concepts in areas such as treatment of personal expenses in business accounts, impact of succession disputes on company accounts, issues in preparing consolidated results with different accounting periods, valuation of assets, accounting for bad debts, changes in inventory valuation policies, and recognition of salary expenses on cash vs accrual basis.