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Accounting, future economic benefit, exclusive control the benefit, :,…
Accounting
Conventions
Business Entity
Historic Cost
Prudence
Going Concern
Dual Aspect
Money Measurement
Stable Monetary Unit
Financial
Comparability
Verifiability
Timeliness
Understandability
ACCOUNTING EQUATION
ASSETS = LIABILITIES + OWNER'S EQUITY
Balance Sheet
Assets
Current
Cash inventory
Non Current
land, buildings,etc
Tangible
Equipment , Inventory
Intangible
Goodwill, Patents
PROFIT = INCOME - EXPENSES
Liabilities
Current
Non Current
Qualities
Relevance
Materiality
Faithful Representation
Financial Statements
Balance sheet
Financial Position
Income statement
Financial Performance
Managerial
Cash Flow Statement
Changes in Equity
future economic benefit
exclusive control the benefit
:
must arise from past transaction
must be able to be measured reliably