Accounting Concepts
Visão Geral
Why do two honest accountants, looking at the same business, arrive at the same profit? Because they are not free to record whatever they like. A set of shared accounting concepts (sometimes called principles or rules) tells everyone how transactions must be treated, so that the figures one business reports can be compared fairly with another and trusted by the people who read them.
In this lesson you will meet the ten concepts the syllabus expects you to know by name: business entity, consistency, duality, going concern, historic cost, matching, materiality, money measurement, prudence and realisation. For each one you will learn a precise definition, see a short example of it changing how something is recorded, and practise the kind of short explanation question examiners ask again and again. Get these straight and the rest of the course, from adjustments to financial statements, will finally hang together.
Objetivos
- business entity.
- consistency.
- duality.
- going concern.
- historic cost.
- matching / accruals.
- materiality.
- money measurement.
- prudence.
- realisation.
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Avaliação da Lição
Parabéns por concluir a lição em Accounting Concepts. Agora que você explorou o conceitos e ideias-chave, é hora de colocar seu conhecimento à prova. Esta seção oferece uma variedade de práticas perguntas destinadas a reforçar sua compreensão e ajudá-lo a avaliar sua compreensão do material.
Irá encontrar uma mistura de tipos de perguntas, incluindo perguntas de escolha múltipla, perguntas de resposta curta e perguntas de redação. Cada pergunta é cuidadosamente elaborada para avaliar diferentes aspetos do seu conhecimento e competências de pensamento crítico.
Use esta secção de avaliação como uma oportunidade para reforçar a tua compreensão do tema e identificar quaisquer áreas onde possas precisar de estudo adicional. Não te deixes desencorajar pelos desafios que encontrares; em vez disso, vê-os como oportunidades de crescimento e melhoria.
- An owner takes goods from the business for personal use. Which concept requires this to be recorded as drawings rather than an expense of the business? A. Going concern B. Business entity C. Materiality D. Realisation Answer: B
- Inventory cost $8,000 but can now be sold for only $5,500. At what value should it appear, and which concept applies? A. $8,000, historic cost B. $5,500, prudence C. $8,000, going concern D. $5,500, matching Answer: B
- A business records a sale only when the goods are delivered to the customer, not when the order is placed. Which concept is being applied? A. Matching B. Materiality C. Realisation D. Consistency Answer: C
- The skill of a talented manager is not shown in the accounting records. Which concept explains this? A. Money measurement B. Prudence C. Duality D. Historic cost Answer: A
- Non-current assets are shown at cost less depreciation rather than at their forced sale value because the business is assumed to continue operating. Which concept is this? A. Consistency B. Historic cost C. Going concern D. Materiality Answer: C
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