August 2009
Beginner
304 pages
5h 57m
English
Content preview from Financial StatementsBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Chapter 1. Twelve Basic Principles
Accountants have some basic rules and assumptions upon which rest all their work in preparing financial statements. These accounting rules and assumptions dictate what financial items to measure and when and how to measure them. By the end of this discussion, you will see how necessary these rules and assumptions are to accounting and financial reporting.
So, here are the 12 very important accounting principles:
1. accounting entity
2. going concern
3. measurement
4. units of measure
5. historical cost
6. materiality
7. estimates and judgments
8. consistency
9. conservatism
10. periodicity
11. substance over form
12. accrual basis of presentation
These rules and assumptions define and qualify all that accountants ...
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