Topic 5 - p1 Flashcards
1
Q
Accounting concepts (10)
A
Money measurement
Duality
Cost
Going concern
Accruals
Consistency
Prudence
Materiality
Realisation
Business entity
2
Q
Money measurement
A
Only transactions recognised in the financial statements are in monetary terms
3
Q
Duality
A
Every financial transaction has two effects (cr and dr)
4
Q
Cost
A
Assets and liabilities are recorded at their historic cost
5
Q
Going concern
A
The business of which the financial statements relate will continue to operate the in future
