Substance Over Legal Form
Explanation Substance over form is an accounting concept which means that the …
Financial
Business Entity Concept
Financial accounting is based on the premise that the transactions and balances …
Accrual Concept
Financial statements are prepared under the Accruals Concept of accounting which requires …
What is a Going Concern?
Going concern is one the fundamental assumptions in accounting on the basis …
Materiality Concept
Definition Information is material if its omission or misstatement could influence the …
Understandability
Transactions and events must be accounted for and presented in the financial …
Comparability / Consistency
Financial statements of one accounting period must be comparable to another in …
Money Measurement Concept in Accounting
Definition Money Measurement Concept in accounting, also known as Measurability Concept, means …
Single Economic Entity Concept | Consolidation Accounting
Consolidated financial statements of a group of companies are prepared on the …
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Completeness
Reliability of information contained in the financial statements is achieved only if complete financial …