Study

Accounting

  •   0%
  •  0     0     0

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