THE DUAL ASPECT CONCEPT
One is the assets of the business and the [...]
THE REALISATION CONCEPT
In accounting, profit is regarded as being earned at [...]
THYE BUSINESS ENTITY CONCEPT
The accounting records are limited to those of the [...]
THE GOING CONCERN CONCEPT
Accounting always assumes that the business will continue for [...]
THE MONETARY MEASUREMENT CONCEPT
Accounting is only concerned with those facts that can [...]
THE COST CONCEPT
Assets are normally shown at cost price – being [...]
TYPES OF ERRORS
Error of Omission The complete omission of a transaction [...]
RESTRICTED MEANING OF SALES AND PURCHASES
Purchases in accounting terms means the purchase of items, [...]
THE DOUBLE ENTRY SYSTEM FOR EXPENSES AND REVENUES. The effect of Profit or Loss on Capital
The buying and selling of goods and services will [...]
THE DOUBLE ENTRY SYSTEM FOR ASSETS AND LIABILITIES
It follows from the above that every transaction effects [...]
