Accounting Concepts
Gbogbo ọrọ náà
Every set of financial statements is built on a shared set of rules that accountants agree to follow, even when nobody is watching. These rules are not laws written by a government; they are conventions that make one business's accounts comparable with another's, and comparable with its own accounts from last year. Without them, 'profit' could mean whatever a business wanted it to mean.
In this lesson you will learn the ten accounting concepts that underpin bookkeeping and financial reporting: business entity, going concern, accruals, consistency, prudence, materiality, historic cost, realisation, duality and money measurement. For each one you will see a concrete example of it being applied, or of what goes wrong when it is ignored.
Ebumnobi
- Understand the significance of the following accounting concepts: consistency, prudence, accruals, materiality, money measurement and business entity
Akọmọ Ojú-ẹkọ
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ayẹwo Ẹkọ
Ekele diri gi maka imecha ihe karịrị na Accounting Concepts. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- A sole trader takes goods from the business for personal use without paying for them. This must be recorded as drawings because of which concept? A) Going concern B) Business entity C) Realisation D) Materiality Answer: B
- Closing inventory cost 6,000 but has a net realisable value of 5,200. At which value should it appear in the financial statements, and under which concept? A) 6,000, historic cost B) 5,200, prudence C) 6,000, consistency D) 5,200, materiality Answer: B
- Which concept states that revenue is recognised when a sale is legally completed, not when cash is received? A) Accruals B) Realisation C) Duality D) Going concern Answer: B
- A business always depreciates its vehicles using the same method each year unless there is good reason to change. This reflects which concept? A) Prudence B) Materiality C) Consistency D) Historic cost Answer: C
- A business buys a non-current asset for 40,000 in cash. Recording both the increase in the asset and the decrease in cash reflects which concept? A) Duality B) Money measurement C) Materiality D) Realisation Answer: A
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Ọ dị na ngwa Green Bridge
Budata ngwa Green Bridge CBT na ekwentị maọbụ kọmputa gị iji nweta akwụkwọ ndụmọdụ zuru oke, ajụjụ mmụta, na ndị ọzọ.
Àwọn Ìwé Tó Dáa Láti Kà
Meecha Ajụjụ Ule Ọmarịcha
Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Accounting Concepts? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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