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Category: Accounting principles

Fundamental accounting principles

September 23, 2020 Khayyam Javaid, ACA

Purpose of this section “accounting principles” is to explain the fundamental accounting principles which are accepted as general rules and…

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Posted in: Accounting principles, Financial Accounting

Comparability principl

September 22, 2020 Khayyam Javaid, ACA

As briefly discussed in the chapter “characteristics of financial information”, comparability is one of the qualitative characteristics of useful financial…

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Posted in: Accounting principles, Financial Accounting

Consistency principle

Khayyam Javaid, ACA

As briefly discussed in the chapter “characteristics of financial information”, consistency is one of the qualitative characteristics of useful financial…

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Posted in: Accounting principles, Financial Accounting

Understandability principle in accounting

Khayyam Javaid, ACA

As briefly discussed in the chapter “characteristics of financial information”, understandability is one of the qualitative characteristics of useful financial…

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Posted in: Accounting principles, Financial Accounting

Materiality

Khayyam Javaid, ACA

Main purpose of financial accounting is to prepare and present the financial statements of an entity which are used by…

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Posted in: Accounting principles, Financial Accounting

Matching principle

Khayyam Javaid, ACA

Matching principle is one of the basic accounting principles, which requires that revenues earned and expenses incurred to earn those…

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Posted in: Accounting principles, Financial Accounting

Revenue recognition principle

Khayyam Javaid, ACA

Revenue is the income of a business earned from its normal business activities and is often considered as one of…

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Posted in: Accounting principles, Financial Accounting

Substance over form

Khayyam Javaid, ACA

In accounting, substance over form principle requires that business transactions should be recorded in accordance with their economic substance rather…

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Posted in: Accounting principles, Financial Accounting

Prudence

Khayyam Javaid, ACA

It is normal in accounting that in certain areas, uncertainties are involved which require the management to make estimates, so…

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Posted in: Accounting principles, Financial Accounting

Historical cost principle

Khayyam Javaid, ACA

In accounting, the cost at which an asset is acquired originally is referred as historical cost. Whereas cost is defined…

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Posted in: Accounting principles, Financial Accounting

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    Financiopedia
    • Financial Accounting
      • Basics of accounting
      • Double-entry accounting system
      • Accounting cycle
      • Accounting principles
      • Bookkeeping
      • Accounting of assets
      • Property, plant and equipment
      • Financial instruments
      • Inventory
      • Accounts receivable
      • Accounting of liabilities
      • Accounting of income
      • Accounting of expenses
      • Financial statements
      • Ratio analysis
    • Management Accounting
      • Introduction to management accounting
      • Introduction to costs
      • Material and labour costs
      • Marginal and Absorption Costing
      • Inventory valuation
      • Inventory management
      • Costing systems
      • Budgeting
      • CVP analysis
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us