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Business > Accountancy Priciples > Flashcards

Accountancy Priciples Flashcards

1
Q

What is meant by Going Concern?

A

Operating normally

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2
Q

What is meant by Matching?

A

Done at the same time eg income statement and statement of financial position

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3
Q

What is meant by Materiality?

A

Realistic

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4
Q

What is meant by Objectivity?

A

There is no opinion on it as it’s based on facts

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5
Q

What is meant by Prudence?

A

Not overvaluing things

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6
Q

What is meant by Realisation?

A

When a transaction is made

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Business (9 decks)

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