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What Basic 8 concepts of financial accounting?
There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept
Is the adequate disclosure accounting concept is applied when financial statements contain all information necessary to understand a business's financial condition?
yes, yes it is
What is adequate disclosure concept?
it states that all relevant and material events affecting the financial condition or position of a business and the results of its operations must be communicated to users of financial statements
What is the result of the standard of adequate disclosure?
Putang ina mo
What is the concept or principle that relates to transactions?
Original Cost
What is the concept for an individual to to obtain disclosed records?
authorization for use and disclosure of records
Full disclosure concept?
Full disclosure concept is a term used in reference to financial statements. It means that a financial statement should not be used as a means to conceal but as a way to convey so a person can get a correct picture of the position and financial performance of a company.
What type of accounting disclosure is required if the concept of consistency is not applied in the analysis of financial statement?
check your answer
Hoe does the concept of consistency aid in the analysis of financial statement?
How does the concept of consistency aid in the analysis of financial statements? What type of accounting disclosure is required if this concept is not applied?
What is the concept of mergency for first aid?
The most important concept of emergency for first aid is to Stop bleeding and to restore adequate breathing.
What type of accounting disclosure is required if consistency concept is not applied?
In accounting the consistency concept means that when a method of accounting is adopted it must be used consistently in the future. If the policy for accounting is changed in any way the nature of the change, the effects the change has on items in the financial statement and the reason for making the change must be fully disclosed by the business. If the consistency concept is not applied then disclosure of changes are made at the discretion of the business.
Define concept of materiality in accounting?
Any omission, misstatement or non disclosure of information that can adversely affect users decision or discharge management from its accountability.
