So that comparability between periods is preserved.
accounting assumptions provide a foundation for recording the transactions and preparing the financial statements there from.
preparing financial statements.
Director's
HomeThis BlogAuthorAccounting BodiesSubscribeAccounting TermsRevision NotesQuestionsE-BooksFeaturedinternet advertisingMajor Accounting Concepts
In accounting, "going concern" refers to a company's ability to continue functioning as a business entity. It is the responsibility of the directors to assess whether the going concern assumption is appropriate when preparing the financial statements. Financial statements are prepared on the assumption that the entity is a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the normal course of operations.
The cost principles is the basis for preparing financial statements because it is? B. Relevant and objectively measured, and verified.
The net income from the income statement is used in the retained earnings statement.
false
B. Analyse your current financial position
explain using various example, how the major accounting concepts are used in preparing financial statement??
no
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