Accounting Assumptions
Financial statements are multipurpose documents used by many different parties for different reasons. For this reason financial statements need to be based on a generally agreed accounting framework or...
View ArticleAccounting Constraints
Accounting constraints sometimes referred to as modifying principles, are used to modify accounting assumptions and accounting concepts to make accounting information in financial statements more...
View ArticleQualitative Characteristics
Qualitative characteristics are part of the accounting framework and are attributes which enable financial information to be useful to users. The post Qualitative Characteristics appeared first on...
View ArticleEconomic Entity Assumption
The economic entity concept or business entity concept is one of the fundamental accounting principles, and states that a business is a separate entity from its owners. In practice this means that a...
View ArticleMonetary Unit Assumption
The monetary unit concept or monetary unit assumption one of the fundamental accounting principles, and states that only transactions which involve a monetary amount are recorded in the financial...
View Article
