February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Wrap-up: Principles
We just covered four underlying principles in accounting:
| Financial statements report companies’ resources and obligations at an initial historical cost. This conservative measure precludes constant appraisal and revaluation. |
| Revenues must be recorded when earned and measurable. |
| Costs of a product must be recorded during the same period as revenue from selling it. |
| Companies must reveal all relevant economic information determined to make a difference to their users. |
5. Historical Cost
Exercise
|
6. Accrual Basis
Exercise
|
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