Accounting Concepts

Front

Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements?

Back

Adequate disclosure Principle

Front

Concept: Financial information is reported for a specific period of time on financial statements.

Back

Accounting Period Cycle

Front

Concept: a business's records should never be mixed with an owner's personal records and reports

Back

business entity

Front

Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements

Back

materiality

Front

Concept: Financial statements are prepared with the expectation that business will remain in operation indefinately

Back

going concern

Front

Concept: The same accounting procedures must be followed in the same way each accounting period

Back

consistent reporting

Front

Concept: The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period

Back

matching expenses with revenue

Front

Financial Statements of a firm are prepared every year on 31st March, according to which concept?

Back

Accounting Period