Download APC : Accounting Principles and Procedures (M001) by Mr. Dhanushka Sampath

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ESSENTIAL ACCOUNTING CONCEPTS

Accruals concept:– Expenses and revenues are recorded in the period they occur, whether or not cash is involved

Conservatism concept:- Recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but to only recognize revenues and assets when they are assured of being received

Consistency concept:- Once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods

Economic entity concept:-entity’s activities need to be separated from activities of its owner and those of other economic entities

Going concern concept:-– An entity will remain in business for the foreseeable future

Matching concept:- Firms recognize revenues and their related expenses in the same accounting period. Firms report revenues, that is, along with the expenses that brought them

Materiality concept:- Trivial matters are to be disregarded, and all important matters are to be disclosed

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