CS506 ASSIGNMENT 1 SOLUTION SPRING 2022 GET THE SOLUTION FILE FROM THE BELOW LINK.
These are the “basic rules”, the principles for drawing up the annual accounts. These always are It evolves. These include accounting concepts, valuation techniques, and presentation standards.
Annual accounts. These accounting principles are based on different companies of the same operating performance the company over the years giving credibility to annual accounts. Below are some generally accepted accounting principles:
CS506 ASSIGNMENT 1 SOLUTION SPRING 2022
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i) Entity Principle / Separation Principle: According to this principle, an enterprise is treated as a single enterprise
unit separate from the owner. The owner’s private expenses/expenses are not recorded in the books of the business entity. For example, money that someone receives as a reward has no effect on his books Accounts, as it is not a commercial transaction.
ii) Historical cost principle: according to this principle, an asset is recognized in the financial statements as to its nominal or purchase price if acquired by the Company.
iii) Business continuity assumption: The concept of business continuity in accounting is an assumption that the
The activity will continue for the foreseeable future. This assumption is closely related to costs The principle is that without the concept of “continuing interest”, accountants must record all assets from the current date.
Price rather than the purchase cost.
d) Objectivity principle: clear and realistic principles for valuing assets. Transaction measurement The lens is an accounting principle by which information is provided to a company Financial statements must be supported by factual evidence and must not be based on personal information feel or comment.
c) The principle of currency stability. The currency remains fairly stable and the inflation rate is about the same
as zero vi) the concept of fair disclosure: facts necessary for the correct interpretation of statements “later Incident”, corporate litigation, securities/secured assets, contingent liabilities, etc. It is reflected in the grades.