Relier Pairs DiBIT_U6_ W14_Activity 1Version en ligne DiBIT_U6_ W14_Activity 1 par Educaplay 2 1 Matching concept 2 Revenue recognition concept 3 Money measurement concept 4 Accounting entity concept 5 Going concern concept 6 Accrual concept 7 Prudence concept 8 Periodic concept Revenue should not be overstated and expenses should not be understated Financial Statements of a business is prepared based on the assumption that the business would continue its operations for a foreseeable future Consider the business enterprise and owners are two separate independent entities for accounting purpose Relevant income and expenditure for the period should be recognized irrespective of their receipts and payments in cash Total expenses incurred during the period should be matched against the total revenue recognized in that period Divide the life time of the business into periods such as monthly, quarterly, annually and prepare the financial statement for each period Only business transactions and events that can be measured in terms of money are recognized and recorded Income should not be recognized except when it is realized
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