Accounting cycle is defined as a step-by-step sequence of process, which inter-relates to each other, to form a full set of financial statement. International Accounting Standard (IAS) 1 Presentation of Financial Statements requires an entity to present a complete set of financial statement, at least annually to its stakeholders.

IASs are rules and principles set by International Accounting Standard Board (IASB) which provides guidance and basis of recording business transactions and preparing accounts. The main objective is to maintain uniformity and consistency in accounting records across globe.

REQUIRED

Describe in detail on any FIVE (5) accounting concepts and principles incorporated in IAS (International Accounting Standards) and provide a logical example with relevant calculations for each.