Module 6: Théorie comptable - Grands principes | fr - 617 - 44387
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Grands principes

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  • Notes d'étude
  • Révisions du sujet
    Kangira J.
    UG
    Kangira J.

    These are the major principles of accounting 1. Going Concern 2. Consistency 3. Prudence

    Maundrey Wilton K.
    ZA
    Maundrey Wilton K.

    I find Historical Cost Principle very unclear.... I'll have go through it a few times so I can understand it fully, but so far the course is the best!

    Harrison D.
    NG
    Harrison D.

    There are general rules and concepts that govern the field of accounting. These general rules–referred to as basic accounting principles and guidelines–form the groundwork on which more detailed, complicated, and legalistic accounting rules are based. For example, the Financial Accounting Standards Board (FASB) uses the basic accounting principles and guidelines as a basis for their own detailed and comprehensive set of accounting rules and standards.4. Cost Principle From an accountant's point of view, the term "cost" refers to the amount spent (cash or the cash equivalent) when an item was originally obtained, whether that purchase happened last year or thirty years ago. For this reason, the amounts shown on financial statements are referred to as historical cost amounts. 6. Going Concern Principle This accounting principle assumes that a company will continue to exist long enough to carry out its objectives and commitments and will not liquidate in the foreseeable future. If the company's financial situation is such that the accountant believes the company will not be able to continue on, the accountant is required to disclose this assessment. The going concern principle allows the company to defer some of its prepaid expenses until future accounting periods. 8. Revenue Recognition Principle Under the accrual basis of accounting (as opposed to the cash basis of accounting), revenues are recognized as soon as a product has been sold or a service has been performed, regardless of when the money is actually received. Under this basic accounting principle, a company could earn and report $20,000 of revenue in its first month of operation but receive $0 in actual cash in that month. 9. Materiality Because of this basic accounting principle or guideline, an accountant might be allowed to violate another accounting principle if an amount is insignificant. Professional judgement is needed to decide whether an amount is insignificant or immaterial.

    Rose R.
    PG
    Rose R.

    The basic theories of accounting are held together by the conceptual framework of accounting.

    Zachary B.
    US
    Zachary B.

    What are major principles of an accounting theory?

    Ibrahim J.
    GH
    Ibrahim J.

    what is gain and loss recognition?

    Kabiru A.
    NG
    Kabiru A.

    These are the major principles of accounting ie. 1. Going Concern 2. Consistency 3. Prudence

    Tosin D.
    NG
    Tosin D.

    there are basic principles that govern the financial or accounting systems which must be adhered too by the accountant for, the financial statement reported to be trusted and look the same with the category of the organization

    Tosin D.
    NG
    Tosin D.

    there are a lot of guiding principles does it differ in different countries or is it the same across the globe

    Ibrahim S.
    EG
    Ibrahim S.

    These are the major principles of accounting 1. Going Concern 2. Consistency 3. Prudence

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