Accounting Concepts Flashcards
1
Q
Consistency
A
Using the same method across the board when producing accounts
2
Q
Going concern
A
Assumption that the business is running normally
3
Q
Matching
A
You produce your accounts at the same time
4
Q
Materiality
A
When producing the accounts, the figures should be realistic
5
Q
Objectivity
A
Removing any opinion and must be based on evidence
6
Q
Prudence
A
Where judgement is needed you are conservative and careful
7
Q
Realisation
A
Publish your accounts on the same day
8
Q
Cost principle
A
Assert is valued at the cost of acquisition
9
Q
Transparency
A
Everything can be proven
