Fundamental Concepts And Principles In Accounting

14 Questions  I  By Geopoet
1. Define accounting and know its purpose. 2. Differentiate the types of business organizations. 3. Distinguish the different types of business operations. 4. Know and appreciate the basic accounting principles used in the practice of accounting.

  
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1.  Approaches used in reporting must be consistently employed from period to period.
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2.  All properties and services acquired by the business must be recorded at its original cost.
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3.  Financial reporting is concerned with significant information enough to affect evaluation and decisions.
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4.  The business organization is separate and distinct from that of its owners.
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5.  Assumes that business has the ability to operate indefinitely.
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6.  Standards, concepts, and measuring techniques used in the preparation and presentation of financial statements.
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7.  Revenue is recognized when actually earned.
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8.  Systematic process of measuring and reporting relevant financial information about the activities of an economic organization or unit.
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9.  Expense is recognized when actually incurred or used.
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10.  All business transactions that will be entered in the accounting records must be fully supported by verifiable evidence.
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11.  All material facts that will significantly affect the financial statements must be indicated.
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12.  Completed action which can be expressed in monetary terms.
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13.  Methods used by a business to keep records of its financial activities and to summarize these activities in periodic accounting reports.
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14.  Financial accounting provides information about the activities on an economic enterprise for specified time periods.
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