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Module 1: Conceitos de contabilidade

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Conceitos de contabilidade geral

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Accounting - General accounting concepts

General accounting concepts

Relevance

Accounting information must be based on information directly related to the business being reported on.

Reliability

The accounting reports should represent an effective and faithful representation of financial events relating to the business.

Materiality

This concept requires that all significant events be included in financial reports. An event is regarded as material if it is likely to effect financial decisions.

Comparability

If accounting reports are to be compared from one reporting period to the next then the methods of accounting used must be consistent from one period to the next.

Understandability

It is of no value to present accounting reports which users are simply unable to understand.


Constraint of timeliness

Acts as a constraint to achieving the above qualities in reporting. Timeliness indicates that reports are only of value if available within a reasonable time period.