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AC04 Assumptions & Principles - Coggle Diagram
AC04 Assumptions & Principles
Basis
Cash
Revenue
Receipt
Expense
Payment
Accrual
Revenue
Earned
Cr Sales/Service Revenue
Dr Cash/Acct Rec
Unearned
Dr Cash
Cr Unearned Revenue
Expense
Incurred
Dr Expense
Cr Cash/Acct Payable/Prepaid Expense
Prepay
Credit Cash
Dr Prepaid Account
Assumptions
Going Concern
Business
In Operation
Indefinitely
Periodicity
Operations
Recorded
In Separate Periods
Economic Entity
Business
Separate
Entity
Monetary Unit
Transactions
Recorded
Monetary Units
Principles
Revenue Recognition
Product Delivery
Service Performance
Matching
Expense
Work Performed
Revenue
Historical Cost
Acquisition Cost
Full Disclosure
Information
Material
Adjusting Entries
Expense
Prepaid
Dr Expense
Cr Prepaid Expense
Accrued
Dr Expense
Cr Other Payables
Revenue
Unearned
Dr Unearned Revenue
Cr Sales/Service Revenue
Accrued
Dr Accounts Receivable/Other Receivable
Cr Sales/Service Revenue/Other Income