Just one sec...
Hey! Sign in to get help with your study questionsNew here? Join for free to post

AS OCR Accounting Concepts (Prudence, consistency...)

Announcements Posted on
Results day: make sure you know what to expect before you get your grades. Here's how to be ready. 22-07-2016
    • Thread Starter
    Offline

    ReputationRep:
    Can anyone write all the accounting concepts and their definitions necessary for AS ? or at least show me where i can find them =)
    Offline

    ReputationRep:
    Going Concern - financial statements assume that the business will still be in existence next year

    Consistency - use the same method for your accounts every year for comparison (e.g. same depreciation method)

    Prudence - never assume you will make a profit on an item, but always record an expected loss

    Accruals - match every expense to the revenue in any one year (e.g. account for credit payments that aren't owed until next year, and deduct any prepayments)

    Business Entity - basically separates business exp from personal exp

    Materiality - don't include negligible fixed assets (something small like a stapler)

    Objectivity - ensure all accounts are neutral and unaffected by opinion

    Dual Aspect - ensure every transaction has a double entry

    This might help http://www.bized.co.uk/learn/account...ait/work06.htm
    • Thread Starter
    Offline

    ReputationRep:
    oh thank you very much

Reply

Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. Oops, you need to agree to our Ts&Cs to register
  2. Slide to join now Processing…

Updated: May 27, 2008
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Poll
How many hours sleep do you get a night?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22

Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.