Summary:
There are general rules and concepts that govern the field of accounting. ... If a company distributes its financial statements to the public, it is required to follow generally accepted accounting principles in the preparation of those statements.Introduction to accounting. Accounting is the language of business. It is the system of recording, summarizing and analyzing an economic entity's financial transactions. Effectively communicating this information is key to the success of every business. Accounting principles are the rules and guidelines that companies must follow when reporting financial data. The Financial Accounting Standards Board (FASB) issues a standardized set of accounting principles in the US referred to as generally accepted accounting principles (GAAP). Some of the most fundamental accounting principles include the following: Accrual principle. Conservatism principle. Consistency principle. Principles of Financial Accounting Principles The cost MEASUREMENT. There are four basic principles of financial accounting measurement: (1) objectivity, (2) matching, (3) revenue recognition, and (4) consistency. 3. A special method called the equity method.
Author:
Derese Alehegn
Biographie:
Mr. Deresi ALEHEGN write international recognized book ie principle of management, civic and ethical education, educational organization and management book, school mapping and micro planning in education introduction of project management, money and banking, entrepreneurs, planning and managerial problem of secondary schools.
Number of Pages:
184
Book language:
English
Published On:
2020-07-08
ISBN:
978-620-2-67751-6
Publishing House:
LAP LAMBERT Academic Publishing
Keywords:
Accrual principle. ... Conservatism principle. ... Consistency principle. ... Cost principle. ... Economic entity principle. ... Full disclosure principle. ... Going concern principle. ... Matching principle.
Product category:
BUSINESS & ECONOMICS / Production & Operations Management