Prudence
Preparation of financial statements requires the use of professional judgment in the …
Financial
Faithful Representation
Information presented in the financial statements should faithfully represent the transaction and …
Neutrality
Information contained in the financial statements must be free from bias. It …
Timeliness of Accounting Information
Definition Timeliness principle in accounting refers to the need for accounting information to …
Matching Principle & Concept
Definition Matching Principle requires that expenses incurred by an organization must be …
Reliability Concept
Information is reliable if a user can depend upon it to be …
Accounting Concept and Principles
Accounting Concepts and Principles are a set of broad conventions that have …
Accounting Relevance
Information should be relevant to the decision making needs of the user. …
Limitations of Accounting & Financial Reporting
Accountancy assists users of financial statements to make better financial decisions. It …
Purpose of Financial Statements
The objective of financial statements is to provide information about the financial …