13 key accounting principles

Nov 25, 2024

0 likes | 5 Views

Here are the 13 key accounting principles summarized: Accrual Principle: Record revenues/expenses when incurred, not when cash changes hands. Consistency Principle: Use consistent accounting methods for comparability. Conservatism Principle: Choose the least favorable outcome when uncertainty exists. Going Concern Principle: Assume the business will continue operating. Cost Principle: Record assets at their original purchase price. Revenue Recognition Principle: Recognize revenue when earned, not necessarily when received. Expense Recognition (Matching) Principle: Match expenses to related re

Share Presentation

Embed Code

Link

ledgerlabs

Download Presentation

13 key accounting principles

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

Basic Accounting Principles

Basic Accounting Principles The Financial Statements Accounting Terms Account A group of items having common characteristics Types of Accounts Asset Liability Income Expense Equity Chart of Accounts Listing of all of the accounts used by a business Asset Accounts

1.39k views • 51 slides

Accounting - Chapter 13

Accounting - Chapter 13 Posting to General and Subsidiary Ledgers Ledgers General Ledger: a ledger with all accounts needed to prepare financial statements Subsidiary Ledgers: to eliminate a bulky ledger, subsidiary ledgers are kept for vendors and customers

2.13k views • 8 slides

Fundamental Accounting Principles

Fundamental Accounting Principles Wild/Larson/Chiappetta 18th Edition Chapter 1 Accounting in Business Conceptual Chapter Objectives C1: Explain the purpose and importance of accounting in the information age C2: Identify users and uses of accounting

1.66k views • 52 slides

ACCOUNTING STANDARD 13

ACCOUNTING STANDARD 13. INVESTMENT. It is the assets held by way of dividend, interest, and rentals, for capital appreciation or for other benefits.

1.01k views • 28 slides

Accounting Principles

Accounting Principles. Learning Outcome. State the meaning of the concepts and principles. Discuss the importance and functions of the concepts and principles. Discuss the shortcomings or limitations of the concepts and principles. Accounting concepts and principles. Business entity

1.5k views • 45 slides

ACCOUNTING PRINCIPLES

976 views • 34 slides

Generally Accepted Accounting Principles

Generally Accepted Accounting Principles. GAAP’s. Are a set of rules or standards followed by accountants Some are formal and some are simply “accepted practice”. The Canadian Institute of Chartered Accountants (CICA) establishes GAAP’s in Canada Published in CICA Handbook. GAAP’s.

350 views • 6 slides

Key Principles:

Key Principles: Readers prefer that the main characters are subjects and most of the verbs name the actions of the characters.  Sentences are cohesive with one another when we see at the beginning of a second sentence information that appeared toward the end of the preceding sentence.

251 views • 7 slides

GENERALLYACCEPTED ACCOUNTING PRINCIPLES GAAP

GENERALLYACCEPTED ACCOUNTING PRINCIPLES GAAP. 1. ENTITY CONCEPT. An accounting entity is an organisation that stands apart from other organisations or individuals as a separate economic unit Company vs shareholder. 2. RELIABILITY. Reliable information Data supported by convincing evidence

277 views • 9 slides

Accounting Principles

SKILL LEVEL SHIFT OVER TIME/EXPERIENCE. Industry Knowledge. Expert. Advanced. Accounting Principles. Good. Excel Skills. Average. Click to read more on each skill. Low. SKILL LEVEL SHIFT OVER TIME/EXPERIENCE. Click on the heading to go back to the title slide. Industry Knowledge.

250 views • 4 slides

Fundamental Accounting Principles

Fundamental Accounting Principles. 17 th Edition Larson Wild Chiappetta. Accounting in Business. Chapter. 1. is a system that. information that is. Importance of Accounting. Accounting. Identifies. Records. Relevant. Communicates. Reliable.

12.03k views • 47 slides

Fundamental Accounting Principles

Fundamental Accounting Principles. Wild/Larson/Chiappetta 18th Edition. Chapter 1. Accounting in Business. Conceptual Chapter Objectives. C1: Explain the purpose and importance of accounting in the information age C2: Identify users and uses of accounting

1.96k views • 52 slides

Key Principles

Key Principles. This is an easily recognizable fossil that lived for a short period over a wide area. (Correlation, Key Bed, Index Fossil, Relative Dating). Index Fossil. A rock layer with the same characteristics of an index fossil. (Correlation, Key Bed, Index Fossil, Relative Dating).

218 views • 9 slides

Generally Accepted Accounting Principles

Relevant Information. Affects the decision of its users. Reliable Information. Is trusted by users. Comparable Information. Used in comparisons across years & companies. Generally Accepted Accounting Principles.

667 views • 38 slides

Accounting Principles

Here the Backbone of Accounting has been discussed. The Generally Accepted Accounting Principles which are generally followed round the globe which includes few Fundamental Accounting Assumptions (which are presumed to be followed by every Accountant). The Basis of Accounting & the Accounting Concepts has been explained elaborately. Some Accounting policies & Estimates are discussed

1.5k views • 35 slides

Significance of Accounting Principles | Accounting Principles and Concepts

Avail Accounting assignment and related samples by peerless writers of EssayCorp across the world. We guarantee on time delivery and even we deliver urgent ones at ease. We have a group of professional writers with years of expertise. For further details contact us at essaycorp.aus@gmail.com

182 views • 12 slides

Principles of Accounting

Principles of Accounting. Chapter 1 The Balance Sheet. What is Accounting?. The language of business Two purposes of Accounting: Record day to day financial activities of a business Summarize and report information in financial statements for analysis and decision making. Terminology.

233 views • 8 slides

PRINCIPLES OF ACCOUNTING

PRINCIPLES OF ACCOUNTING. Prepare by: N.PRAGASH HOD BCOM IT & ECOMMERCE SNMV CAS G.INDHUMATHI ASSISTANT PROFESSOR DEPARTMENT OF BCOM IT & ECOMMERCE SNMV CAS. CHAPTER. 1. ACCOUNTING IN ACTION. Communication. Identification. Recording. Accounting Reports. Gerald Trenholm

550 views • 38 slides

Accounting Principles

Accounting Principles. Weygandt · Kieso · Kimmel · Trenholm. Prepared by: Carole Bowman, Sheridan College. CHAPTER. 1. ACCOUNTING IN ACTION. Communication. Identification. Recording. Accounting Reports. Gerald Trenholm 7 MacCauly Drive Fredericton NB. Prepare accounting reports.

703 views • 38 slides

Basic Accounting Principles

Basic Accounting Principles. The Financial Statements. Accounting Terms. Account A group of items having common characteristics Types of Accounts Asset Liability Income Expense Equity. Chart of Accounts. Listing of all of the accounts used by a business. Asset Accounts.

734 views • 51 slides

More Related