Group items tagged tutorial - ERP and Acounting research

shared by William Wright on 29 Nov 12 - Cached

assumes accounting measures transactions and events in money and only transactions that can be monetized
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used for reporting financial information.
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requires every business to be accounted for separately from the owner.
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assumes that a business will continue operating and will not close or be sold.
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Conservatism Concept
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requires that most assets are recorded at their original acquisition cost
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Revenues and gains are recognized slower and expenses and losses are recognized quicker.
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The same accounting methods should be applied from period to period and all changes to more acceptable methods should be well explained and justified.
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Information must be measured and reported in a similar manner by all types of businesses.
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The significance and importance of an item should be considered in order to determine what is reported.
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The benefit of providing the financial information should also be weighed against the cost of providing it.
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When customary industry practices exists they should be followed and used for financial reporting.
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Insignificant events need not be measured and recorded.
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