Accounting Principles and Assumptions

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Accounting - Accounting Principles

tasni97fwzc Created by 6 mon ago

Cards in this deck(10)

What does the 'going concern' assumption imply in accounting?

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Which principle states that transactions should be recorded in the monetary unit?

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What does the consistency principle require from companies?

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Which accounting principle involves recording revenues when earned and expenses when incurred?

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In accounting, which assumption restricts reporting to a specific currency?

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Why is the going concern assumption important for asset valuation?

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According to the monetary unit principle, what should not be recorded?

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What does the accrual basis of accounting emphasize?

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How does the consistency principle benefit financial statement users?

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Which principle ensures that financial statements report actual financial performance?

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