Accounting Principles and Conceptual Framework notes
17 notes by 16 users
This GoConqr page gathers a small set of user-made notes on accounting principles and the conceptual framework, from going concern to measurement. University students and professional candidates can study reporting concepts, school students can go over accounting terms, and teachers can find material for class. Pick a note that matches your course and start reading.
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- Accounting Terminology10
- Accounting Assumptions and Conventions8
- Accounting Standards and Policies11
- Qualitative Characteristics of Financial Information29
- Financial Statement Elements6
- Accounting Measurement Bases7
- Accrual and Cash Basis Accounting20
- Accounting Equation and Double-Entry Bookkeeping24
- Adjusting Entries11
- Capital and Revenue Expenditure5
- Accounting Theory19
- Critical Accounting Theory5
- Accounting Research5
Notes
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Accounting 2 Exam Terms 1. Amortisation vs depreciation vs impairmentAmortisation is:1. a routine decrease in value of an intangible asset, or the process of paying off a debt over time through regular payments. 2. Recorded as a reduction in...
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Accounting - module 2 - unit 2 Unit 2 - Accounting Principles, Concepts and Conventions 1. Going ConcernThis concept assumes that a business will continue to trade normally for the foreseeable future, unless the owners apply to go into bankruptcy o...
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Accounting Principles - L.O. 1 Learning Outcome OneStudents will discuss the purpose of accounting and its relationship to the New Zealand business environment5. The impact of GST on businessThe goods and services tax is a comprehensive tax that is...
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2. Assumptions, Accounting Principles Accounting Assumptions: Memory Tool: Every Girl Uses TamponsEntity Assumption - it is assumed that there is a separate accounting entity for each business organization. Owners of a corporation are not personally liabl...
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Principles of Corporate Reporting IASB Conceptual Framework - Framework for Preparation and Presentation of Financial Statements produced in 1989 by IASB - Gradually being phased out in favour of Conceptual Framework for Financial Reporting - IASB/FAS...
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1. Objectives and Qualitative Characteristics The "Conceptual Framework" guides the standard setting process so that the resulting GAAP is cohesive and internally consistent.The conceptual framework is based on the overriding objective of financial reporting - DE...
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Chapter 2 - Fundamental Accounting Concepts SME: no public accountability (issues shares to the public i.e. listed company/banks [hold assets on a trust basis]), does not publish general purpose financial information for external users. 99% of the world’s compa...
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Accounting as a theoretical - practical process - creado desde un Mapa Mental Accounting practice The accounting theory The need to unite accounting theory and practice
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Untitled Accrual Accounting Concepts Timing Issues Periodicity assumption: accounting divides the economic life of a business into artificial time periods. (Month, quarter, year)Revenue recognition principle: companies recogni...
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What are the underlying characteristics which support relevance and faithful representation? Comparability Information about a reporting entity is more useful if it can be compared with a similar information about other entities and with similar information about the same entity for another period or another ...
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Measurement Basis - created from Mind Map Historical Cost Current Cost Net Realisable (Settlement) Value
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Untitled Framework for preparation of Finanancial Statements. Framework: - Framework provides a road map and approach which will be considered as a broadline within which all IND AS will be applied. Note: - IND AS will be prev...
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Classification (Capital or revenue in nature?) Tesco M’sia to spend RM27.5mil to renovate three more stores GEORGE TOWN: Tesco Malaysia will spend approximately RM27.5mil until February 2018 to renovate three more stores in peninsular Malaysia. These a...
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Concepts Business EntityBusinesses record and report the activities of a particular business.(do not include assets and liabilities)e.g..the personal assets and liabilities are separate to the business. Main links be...
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Week 9 Questions 12.1 What is a critical perspective of accounting? 12.2 What are some of the fundamental differences between the research undertaken by critical theorists, relative to the work undertaken by other accounti...
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Untitled information furnished in periodical accounting reports and statements. There should always be some documentary evidences in establishing the truth reflected in the said reports or statements. Entries which are recorde...
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Accountancy - created from Mind Map AICPA AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANT 1941
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About accounting principles and conceptual framework notes
GoConqr OriginalUsing Accounting Principles and Conceptual Framework notes
These notes offer different starting points for studying the unit. The note on accounting principles, concepts and conventions introduces going concern. Principles of Corporate Reporting discusses the conceptual framework, while another note looks at assumptions and accounting principles.
For terminology, the exam terms note covers amortisation, depreciation and impairment. The measurement note outlines bases including historical cost, current cost and present value. The note on relevance and faithful representation also discusses comparability.
Choose a study route
Start with the principles and conventions note if you want an introduction to a specific concept. If you are working on reporting frameworks, begin with Principles of Corporate Reporting instead. Read a section, then explain the idea in your own words before moving on.
When you want to check your understanding, switch to a quiz on the unit page. A mind map can offer another way to organize related ideas. Choose a note and follow it with the format that suits your next step.
Frequently asked questions
Which note should I start with?
The note on accounting principles, concepts and conventions is a useful starting point if you want to study going concern. If your course focuses on reporting frameworks, start with Principles of Corporate Reporting. For terminology, the exam terms note covers amortisation, depreciation and impairment.
What do the notes cover?
The notes cover accounting concepts and conventions, assumptions, reporting frameworks and measurement bases. You can also find material on comparability, business entities and the distinction between capital and revenue. Choose a topic that matches your course, since each note has a different focus.
Are these notes free to use?
Yes. Every note listed here is free to open and study without an account. The resources were made by GoConqr users, so their approaches vary. A free account also lets you save quiz scores and make your own quizzes, mind maps, flashcards and notes.