UNTIT 1: 1.1 Evolution of accounting 1.2 Accounting Concepts and Principles:
The Entity Concept -
An organization is a separate entity from the owner(s) of the organization.
The Reliability (Objectivity) Accounting records and statements should be based on the Principle most reliable data available so that they will be as accurate and useful as possible. The Cost Principle Acquired assets and services should be recorded at their actual cost not at what they are believed to be worth. The assumption that the business will continue operating for the foreseeable future. Accounting transaction a
↧