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Final

ACC2100 Study Guide - Final Guide: Going Concern, Historical Cost
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2 Pages
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Fall 2017

Department
Accounting
Course Code
ACC2100
Professor
Dr Dharmendra Naidu
Study Guide
Final

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Understandability-
Reports(should(be(presented(in(a(manner(that(make(it(easy(for(the(users(to(
comprehend(their(meaning(
Reliability-
Reports(should(contain(information(verified(by(source(document(evidence(
so(that(it(is(free(from(bias(
Relevance-
Reports(should(be(include(all(the(information(that(useful(for(decision(making(
Comparability-
Reports(should(be(able(to(matched(up(to(each(other(over(time(through(the(
use(of(consistent( accounting(procedures(
Consistency-
A(business(should(be(use(the(same(accounting(methods(to(allow(for(a(comparison(
of(reports(from(one(period(to(the(next(
Going-concern-
The(life(of(a(business(is(assumed(to(be(continuous(and(its(records(are(kept(in(that(
basis(
Historical-cost-
Transactions(should(be(records(at(their(original(purchase(price,(as(this(value(is(
verifiable(by(source(document(evidence(
Monetary-unit-
All(item(must(be(recorded(and(reported(in(the(currency(of(the(country(in(which(the(
reports(are(prepared(
Entity-
A(business(is(separate(from(the(owner(and(other(entities(and(its(record(should(be(
kept(on(this(basis(
Conservatism-
Losses(should(be(recorded(when(probable(but(gains(only(recorded(when(certain,(so(
that(liabilities( are(not(understated(and(assets(are(not(overstated(
Reporting-period-
The(life(of(a(business(is(divide(into(periods(of(time.(Records(should(reflect(the(
period(in(which(the(transaction(occurs((((
QUALITATIVE)CHARACTERISTIC))4
Tuesday,( 23(May(2017
9:17(pm

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Description
QUALITATIVE CHARACTERISTIC 4 Tuesday, 23 May 2017 9:17 pm Understandability Reports should be presented in a manner that make it easy for the users to comprehend their meaning Reliability Reports should contain information verified by source document evidence so that it is free from bias Relevance Reports should be include all the information that useful for decision making Comparability Reports should be able to matched up to each other over time through the use of consistent accounting procedures 7 accounting principle Consistency A business should be use the same accounting methods to allow for a comparison of reports from one period to the next Going concern The life of a business is assumed to be continuous and its records are kept in that basis Historical cost Transactions should be records at their original purchase price, as this value is verifiable by source document evidence Monetary unit All item must be recorded and reported in the currency of the country in which the reports are prepared Entity
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