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ACCCOB1 Accounting Principles

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Terms in this set (27)


Generally Accepted Accounting
Principles. The standards and rules
that accountants follow while
GAAP recording and reporting financial
activities. It encompasses the
procedures accepted in the
accounting process.

International Accounting Standards
Board. They actively develop and
issue accounting standards that will
IASB to be followed internationally. Its
purpose is to narrow down the
differences in the world when
preparing a financial statement.

, 1. Underlying Assumption
a. Entity principle
b. Going concern
c. Monetary Unit
d. Time Period
2. General Principles
a. Historical cost principle
b. Revenue recognition principle
c. Matching principle
d. Accrual basis principle
Conceptual e. Full disclosure principle
Framework of 3. Modifying Constraints
Financial a. Materiality
Reporting b. Cost-benefit analysis
c. Conservatism
d. Industry practice
4. Qualitative Characteristics
a. Usefulness
b. Understandability
c. Relevance
d. Reliability
e. Neutrality
f. Comparability
g. Consistency