Accounting Concepts

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Identify the accounting concept.

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13 fois fait

Créé par

Sanka Silva

Sri Lanka

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Ordonner les Lettres Accounting ConceptsVersion en ligne Identify the accounting concept. par Sanka Silva 1 We must treat similar items in the same way. T N E N S C O I C Y S 2 Make sure that assets and incomes are not overstated, and liabilities and expenses are not understated. D N P E U E R C 3 The accounts should show the revenues earned in an accounting period matched against the expenses involved in earning those revenues. C A L U R S A C 4 An entity that will continue its present operations for the foreseeable future. E N R G C O I C G N N O 5 This states that transactions should be recorded in the books of account using the actual cost at the time the transaction took place. I O T C C H R I T S O S 6 Allows for the correct accounting treatment to be ignored if the amount involved is insignificant relative to the size of the business. E T Y I I A R M T A L 7 Items should only be recorded in the books of accounts if they can by measured in monetary terms. E U A N N S Y E M R E T O M E M 8 Revenues should only be recognized when the exchange of goods and services has taken place. I A Z O R E I N L T A 9 Only the transactions relating to the business are recorded in the books of account for the business. I S N N S S T I T E U Y B E

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