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What's standard? When preparing accounts, one must assume that the company will still be viable in the years to come
The consistency principle
The matching principle
The going concern principle
The prudence principle
What's standard? recognizing expenses immediately, and not recognizing income until it is reasonably certain
The going concern principle
The matching principle
The prudence principle
The consistency principle
What's standard? Items are recorded when the income and expense arises, not depend on movement of cash.
The going concern principle
The consistency principle
The prudence principle
The matching principle
What's standard? Accounts should be produced using the same principles from one year to the next year
The consistency principle
The matching principle
The going concern principle
The prudence principle
A firm that sells its share to anyone who wants to buy them.
Publicly-traded company
The rules and regulations which state how accountants operate in a particular place.
Local accounting standards
People or groups who are not involved with the company
Outside parties
For example, Australia, the U.K, the U.S.A
English-speaking country
The way that most people do something.
Accepted practice
GAAP
Generally Accepted Accounting Principle
IFRS
International Financial Reporting Standards
IAS
International Accounting Standards
IASC
International Accounting Standards Committee
