Accounting Principles, 13e by Jerry J. Weygandt (Author), Paul D. Kimmel (Author), Donald E. Kieso (Author) #Happy Learning! m��B����Z�$z*�6��)���mn�e!�6����֙m�m)�,�ɜ�mpM*�m�ۚ� ��)��t��2�r�I��6ff��� The accounting principles and concepts incorporated in this manual are based on the Proposed Audit and Accounting Guide "Audits of Providers of Health Care Services", March 15, 1988, … The main objectives of Accounting is to safeguard the interests of the business, its proprietors and others connected with the business transactions.
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Yani/KMKt Page 1 BASIC ACCOUNTING CONCEPTS AA015 2.1 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES This is an ongoing process, the accounting principles can change to reflect changes in the business environment and demands of the users. Accounting Principles Accounting Concepts and Conventions CHAPTER AT AGLANCE S. No.
1, O O 2. MODULE - 1 Basic Accounting Notes 17 Accounting Concepts ACCOUNTANCY In the previous lesson, you have studied the meaning and nature of business transactions and objectives of financial accounting Accounting principles and concepts pdf. %�쏢 ACCOUNTANCY MODULE - 1 Notes Accounting Concepts Basic Accounting 18 The main objective is to maintain uniformity and consistency in accounting records. Accounting Principles and Concepts Meaning and Scope of Accounting endobj The Accounting Principles . %PDF-1.4 Accounting Principles and Concepts Meaning and Scope of Accounting Accounting is the language of business. stream ���Me����9o�&ݽ٦k��l�a-(s�d��ff�n�T)��_Ă����P�PD�����O*"*��_�b��{����̝MjjB��3�=�s�?���{�+�imc�_����`�ܼ����db�lKƧ���>b�嫃�ݽ��k7���X�;o�`��M�|l�c����>��γ����p9�76����d��'�e6_4��W�h^��_ݻ��'���������{���?x�'��������_��Ͼ�c���믿��|����������������������O}�����o������|�?�K���{���|���§��_{���ė^��7��~��q������q���������������������|��k�������_��_�����_�������+W�#�j^�f�РkSs�_�ԀT�;�&㚓A����d������#F��\��v���?�:�bS�]k���5�'XnB�uj����k��o;ہvD|�Oy�������tx8;�.��i�+���`���@O
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Accounting Conventions Accounting conventions include the customs and traditions that assists the accountants in preparing accounting …
•9. They are several assumptions concerned with the recording of transactions in the books. Accounting Concepts •6. Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts. 5 0 obj cost concept, dual aspect concept, accounting period concept, matching concept, realization concept and conventions of conservatism, disclosure, consistency, etc. The need for generally accepted accounting principles arises from two reasons: 1) to be logical & consistent in recording the transaction 2) to conform to the established practices & procedures The International Accounting Standards Committee (IASC) as well as the … <. Accounting Concepts, Conventions, Bases & Policies •Concepts vs Conventions Concepts are the basic ideas, the theories on how and why certain categories of transactions should be treated in a particular manner. 5) %PDF-1.3
Accrual Concept – similar to matching, period should be decided on the basis of accrual. 2 ACCOUNTING CONCEPTS. 2017-02-16T10:39:35Z Accounting principles and concepts pdf Nitro Reader 3 (3. These are also known as accounting standards. 108 0 obj These concepts constitute the very basis of accounting … Accounting Principles, 13e by Jerry J. Weygandt (Author), Paul D. Kimmel (Author), Donald E. Kieso (Author) #Happy Learning! x��[o���Y����! %���� This is so that there is a common format that all accounting users of information can understand. Once the theories have been established and tested and proved to be acceptable, the task of the Conventions is to set out the limit of their applications. All such concepts and conventions would be dealt with detail in subsequent lessons. •8. Matching Concept – associating the cause and effect relationship of revenues and expenses. The different opinions between the accountants can be solved by referring this recognized set of standards is called Generally Accepted Accounting Principles …
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