Results are out! Find what you Get quick advice or join the chat
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
Let our uni choice search tool match you with your perfect university 19-11-2015
  1. Offline

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

    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
  3. Offline

    oh thank you very much


Submit reply


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. By joining you agree to our Ts and Cs, privacy policy and site rules

  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.

Today on TSR

Applying to uni

The latest advice and trending discussions are all here

What's your favourite kitchen utensil?
Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.