O'Reilly logo

DK Essential Managers: Understanding Accounts by Stephen Brookson

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Defining Key Concepts

There are certain fundamental themes or concepts, such as accruals, prudence, consistency, and viability, that are seen as the cornerstones of good accounting. In order to understand accounts it is vital to appreciate the importance of these.

DK Commit the four basic accounting principles to memory.
DK Remember that items must be recorded when the expenditure arose, not when cash was paid.

Using accruals

The principle of accruals, or matching, sets out when a transaction should appear in the accounts. An item is always recorded ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required