PRINCIPLES OF ACCOUNTING
"Going concern" concept The assumption is made that the business entity will continue in existence for the foreseeable future. This is an important concept, as the value placed on the assets of a continuing business is different from the value placed on the assets of …
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THE FUNDAMENTAL CONCEPTS OF ACCOUNTANCY
The purpose of SSAP 2: Disclosure of Accounting Policies is to ensure that the fundamental bases on which the accounts of a company are prepared are disclosed in notes to the published accounts, thus enabling any person to understand and interpret them in the light of the informat…
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accounting concepts
accounting is a discipline which handles monitory or numerical values. For example, it is not very helpful to say: "Last year we had four machines and 60 items of stock, and this year we have five machines and 45 items of stock.". It is the money values which are useful …
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