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Accounting Concepts, Basis of Accounting and Standards
Accounts · Chapter 2 · 2. Accounting Concepts
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Topics 4
- GAAP I: going concern, accounting entity, money measurement, accounting period, historical cost, dual aspect, accrual
- GAAP II: revenue recognition, matching, full disclosure, verifiable objectivity, materiality, consistency, prudence, timeliness, industry practice, substance over legal form
- Cash basis and accrual basis of accounting
- Accounting Standards: meaning and advantages; IFRS (brief introduction)