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Accounting Concepts
Author :
Sanka Silva
1.
We must treat similar items in the same way.
E
C
Y
T
N
I
O
C
S
S
N
2.
Make sure that assets and incomes are not overstated, and liabilities and expenses are not understated.
E
E
D
C
N
R
P
U
3.
The accounts should show the revenues earned in an accounting period matched against the expenses involved in earning those revenues.
U
L
A
A
S
C
R
C
4.
An entity that will continue its present operations for the foreseeable future.
O
N
C
C
O
I
N
E
N
R
G
G
5.
This states that transactions should be recorded in the books of account using the actual cost at the time the transaction took place.
R
C
T
C
H
O
S
I
O
I
T
S
6.
Allows for the correct accounting treatment to be ignored if the amount involved is insignificant relative to the size of the business.
Y
R
I
T
A
A
T
E
L
I
M
7.
Items should only be recorded in the books of accounts if they can by measured in monetary terms.
E
E
E
T
E
R
M
M
Y
M
N
N
O
A
S
U
8.
Revenues should only be recognized when the exchange of goods and services has taken place.
I
L
O
A
Z
E
I
N
T
R
A
9.
Only the transactions relating to the business are recorded in the books of account for the business.
T
S
Y
N
E
B
T
I
I
S
E
N
S
U
