Concepts and principles

Definition Verifiability means that the accounting information presented in financial statements must …

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Definition Historical Cost is the original cost incurred in the past to …

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Definition Dual Aspect Concept, also known as Duality Principle, is a fundamental …

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Definition Realization concept in accounting, also known as revenue recognition principle, refers …

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Explanation Substance over form is an accounting concept which means that the …

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Financial accounting is based on the premise that the transactions and balances …

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Financial statements are prepared under the Accruals Concept of accounting which requires …

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Going concern is one the fundamental assumptions in accounting on the basis …

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Definition Information is material if its omission or misstatement could influence the …

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Transactions and events must be accounted for and presented in the financial …

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