ACCOUNTING CONCEPTS AND CONVENTIONS INTRODUCTION In all activities (whether business activities or non-business activities) and in all organizations (whether business organizations like a manufacturing entity or trading entity or non-business organizations like schools, colleges, hospitals, libraries,clubs,temples, political parties) which require money and other economic resources, accounting is required to account for these resources. In other words, wherever money is involved, accounting
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Financial Economics UBAF1033 BUSINESS ACCOUNTING I TUTORIAL 3: ACCOUNTING CONCEPTS AND CONVENTIONS Adopted from: Wood, F. & Sangster, A. (2012), Business Accounting 1 (12th ed ); Thomas A. & Ward, A. M. (2009), Introduction to Financial Accounting (6th ed); Roshayani, A., Laily, U. & Siti Maznah, M., (2007), Financial Accounting An Introduction (2nd ed); Past year Business Accounting I Questions MULTIPLE CHOICE QUESTIONS 1. What accounting concept / principle describe the following
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Introduction Going concern Accruals Consistency Prudence Objectivity Duality Entity Cost Monetary Measurement Materiality Realisation Stable money Conclusions Accounting Concepts and Conventions Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by that the accountant lives. All formal accounting statements should be created, preserved and presented according to the concepts and conventions that follow. In the United Kingdom
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Introduction Going concern Accruals Consistency Prudence Objectivity Duality Entity Cost Monetary Measurement Materiality Realisation Stable money Conclusions Accounting Concepts and Conventions Introduction Accounting concepts and conventions as used in accountancy are the rules and guidelines by that the accountant lives. All formal accounting statements should be created, preserved and presented according to the concepts and conventions that follow. In the United Kingdom
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Contents Contents 1 Abstract 2 Introduction to Accounting 2 CSL Ltd 2 Accounting Concepts and Conventions 2 Realization Concept 3 Going Concern Principle 3 Historical Cost Principle 3 Materiality 4 Dual Aspect Concept 4 Business Entity Concept 5 Consistency and Comparability 5 Conclusion on Accounting Concepts 6 Reference 6 Abstract Nowadays, Accounting is much more important for people from inside or outside company to make financial decisions. Financial information can
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Accepted Accounting Principles Introduction Need of Accounting Principles Generally Accepted Accounting Principles Characteristics of Accounting Principles Objectivity Application Reliability Feasibility Understandability Accounting Concepts Separate Entity Concept Money Measurement Concept Dual Aspect Concept Going Concern Concept Cost Concept Period Accounting Period Concept Periodic Matching of Costs and Revenues Concept Realisation Concept Accounting Conventions Conservatism
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Name: - Financial Awareness Name of the Student: - ………………….….. Student Roll No.:- ……………………… University Name: - ………………………. Assignment – 1 Principles, Standards and Conventions of Accounting Accounting is defined as an art of recording, classifying, summarizing and presentation of financial information. Accounting ultimate produces the financial information being used by different interested parties in the organization, the relationship may be direct or indirect. For such presentation,
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Introduction Corporate financial systems represent the business analysis phase of a company. Large companies -- particularly publicly held companies -- use a financial system to help assess financial performance. In some cases, the corporate financial system is a bridge between accounting and management. Rather than focusing solely on the preparation of financial information, financial systems look to gauge performance and make forecasts. Many different financial activities fall under the corporate
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ACCOUNTING CYCLE The Series of business transactions which occur from the beginning of an accounting period to the end of an accounting period is referred any specific period of time for which a summary of business’s transaction is prepared. Steps in Accounting Cycle:1. 2. 3. Journalizing (Recording) Posting to Ledger (Classifying) Final Account (Summarizing) Now Explain Steps:1 Recording:- This is the basic function of accounting. All business transaction, as evidenced by some documents such
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561-PR June 15, 2015 Manfredo Rodriguez-Boissen Financial Statement Analisys The accounting is one of the most important areas within a business. This shows us the financial position of the company. There are four financial statements which are Balance sheet, Income Statement, cash flow and changes in equity. Those statements are regulated by the FASB which has brought the GAAP to stablish the same accounting for the US business. In the International perspective is the IASB which as wrote some
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