Concept of Accounting And Review Of Balance Sheet对计资产负债表和审查的概念.pptVIP

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Concept of Accounting And Review Of Balance Sheet对计资产负债表和审查的概念.ppt

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Concept of Accounting And Review Of Balance Sheet对计资产负债表和审查的概念

Definition Of Accounting According to the American Institute Of Certified Public Accountants “ the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the result thereof.” The above definition also highlights the steps in the accounting process. Accounting Concepts, Conventions, Bases Policies Concepts vs Conventions Concepts are the basic ideas, the theories on how and why certain categories of transactions should be treated in a particular manner. Once the theories have been established and tested and proved to be acceptable, the task of the Conventions is to set out the limit of their applications. Accounting Concepts 1. Business Entity Concept – business is a separate entity. 2. Money Measurement Concept – money common denominator of measurement. 3. Going Concern Concept – perpetual succession. 4. Accounting Period Concept – pre-determined periodicity generally an year. 5. Cost Concept – an asset’s cost is the basis of all subsequent accounting. Accounting Concepts 6. Realisation Concept – revenue should be recognized “when it is earned”. 7. Matching Concept – associating the cause and effect relationship of revenues and expenses. 8. Accrual Concept – similar to matching, period should be decided on the basis of accrual. 9. Dual Aspect Concept – 2 aspects must be examined – the giving and the receiving. Accounting Conventions 1. Consistency – method once adopted should be followed. 2. Disclosure – all relevant facts concerning financial position must be communicated to users. 3. Materiality – concerned with significant information. 4. Objectivity – unbiased and subject to verification by external expert. 5. Stable Monetary Unit – the Indian Rupee. 6. Conservatism or Prudence – when in doubt, choose the solution that is least likely to overstate net assets and net income for the current period. Accounting Bases and Policies