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Accounting Concepts and Principles

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    FAISAL A.
    YE
    FAISAL A.

    What are the accounting concepts and princibles ?

    Gabriel O.
    ML
    Gabriel O.

    it could be said that there are ten basic principles or the underlying guidelines of accounting. these are based on financial statements of financial accounting standards and the interpretations issued by the Financial Accounting Standards Board.

    Wendy C.
    AU
    Wendy C.

    Accounting concepts are qualities that users expect to be present in financial reports. They form a conceptual framework defining the nature, subject, purpose and broad content of financial reporting. 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 Accounting reports are to be compared from one reporting period to the next and the methods of accounting used must be consistent from one period to the next.

    Samuel F.
    ZA
    Samuel F.

    What are the accounting principles, assumptions, and concepts?

    Harrison A.
    AT
    Harrison A.

    The qualities that accounting concept should possess includes, Timeliness ,Accuracy, Relevance, Economy, Suitability and etc;i will explain but a few,Timeliness,an ideal costing system should provide relevant information that is timely.information can only be useful in decision making if it arrives in time and an effective costing system should not only provide information that is timely,but one that is also accurate,otherwise a wrong decision may be taken.Economy as one of the qualities of accounting concept further explains that an effective costing system should be economical to operate,that is ,the benefits to be obtained from operating such a system should in all practical purposes outweight the associated cost.

    Harrison A.
    AT
    Harrison A.

    what are the disadvantages of the qualities of accounting concepts ?

    Zachary B.
    US
    Zachary B.

    What are some different accounting concepts and principles?

    Ella Rose M.
    MY
    Ella Rose M.

    Statistics..

    Caroline Monica M.
    MW
    Caroline Monica M.

    Accounting concepts and principles are the guidelines for a succesfull accounting report.

    Diamond T.
    US
    Diamond T.

    What are the accounting concepts and princibles ?

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