Qualification > Commerce
Accounting AS level doubt!
Dasith:
--- Quote from: mimiswift on May 24, 2011, 07:46:16 pm ---cash flow statement is not there in AS level.
but i do have doubts in accounting concepts....can u briefly but clearly explain to me alll the accounting concepts!
--- End quote ---
There is sooooo many concepts but i'll try to be brief as much as posssible (By the way u better refer u r book)
Business entity- Business is separate from owner. Business acts as a separate entity / individual
money measurement- Only things which could be measured using money is used in accounting records.
historic cost- goods are recorded @ cost / bought in value rather than existing value.
realisation- only the transactions which have been realised / actually happed is recorded in books.
Duality- two aspects for every transaction ( double entry) -this could not be true in exceptional cases such as suspence & control accounts !
consistancy- Consistent recording and use of transactions, which provide a meathod of comparing the advances in business.
materiality-sometimes the business may deviate from the other principals & standerds, because it might not be practical / logical to apply them in some situations. i.e only items with significant value & material for the business may be shown as seperate items in accounts.etc.
Accruals/matching- Records actual costs incurred for a business in a period , rather than the expences paid for & recieved .
Prudence - Profit is not overstated , financial accounts are neutral or fair.
going concern- all accounts are prepared with the fact in mind that the business is to stay in business for a considerable period of time.
substance over form- Practical / logical way of recording transactions , rather than the leagal or the standerd way.
thats alll i guess !! ;D
Dasith:
--- Quote from: Crooked on May 24, 2011, 06:45:04 pm ---Oh dayum. I didn't know this thread existed. If yuh guys got some prob with the theory of any accounting term or formula. Do lemme know. I'll try my best to help yuh out. ::)
And best of luck fer it, yeah. :D I hope yuh guys are well prepared. Esp with the CFS. Cash flow statements, i mean. :D
--- End quote ---
ohh thanx crooked !!. Cash flow in A2 , thats on 7th , i do both AS + A2 :D
Dasith:
--- Quote from: $$N on May 24, 2011, 05:30:28 pm ---Thank you Dasith aswell :)
I thought Mimi wrote both of 'em ,sorry
Best of luck u guys :D !
--- End quote ---
u r welcome ;D
Tohru Kyo Sohma:
--- Quote from: Dasith on May 25, 2011, 02:07:45 am ---There is sooooo many concepts but i'll try to be brief as much as posssible (By the way u better refer u r book)
Business entity- Business is separate from owner. Business acts as a separate entity / individual
money measurement- Only things which could be measured using money is used in accounting records.
historic cost- goods are recorded @ cost / bought in value rather than existing value.
realisation- only the transactions which have been realised / actually happed is recorded in books.
Duality- two aspects for every transaction ( double entry) -this could not be true in exceptional cases such as suspence & control accounts !
consistancy- Consistent recording and use of transactions, which provide a meathod of comparing the advances in business.
materiality-sometimes the business may deviate from the other principals & standerds, because it might not be practical / logical to apply them in some situations. i.e only items with significant value & material for the business may be shown as seperate items in accounts.etc.
Accruals/matching- Records actual costs incurred for a business in a period , rather than the expences paid for & recieved .
Prudence - Profit is not overstated , financial accounts are neutral or fair.
going concern- all accounts are prepared with the fact in mind that the business is to stay in business for a considerable period of time.
substance over form- Practical / logical way of recording transactions , rather than the leagal or the standerd way.
thats alll i guess !! ;D
--- End quote ---
thanks alot dasith!...im at school now and im attacking my teacher with my numerious doubts!!anyways best of luck to all!!!
Dasith:
--- Quote from: mimiswift on May 25, 2011, 05:17:54 am ---thanks alot dasith!...im at school now and im attacking my teacher with my numerious doubts!!anyways best of luck to all!!!
--- End quote ---
hehe lol ,
thanx & gud luck 2 u 2 :D
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