Principles of Accounts

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Edited by 2 users.
Last edit: 07:41, 12 August 2008

In POA their are several underlying principles that must be applied. Explain each and add other principles you are aware of?

The money measurement principles[edit]

which assumes that all transactions are measured in monetary terms

The going concern concept[edit]

which assumes that the business is continuing (ie it is a going concern)

The accrual concept/Matching Principle[edit]

The consistency concept[edit]

The double entry principle[edit]

That every transaction has at least 2 entries

Scoker (talk)04:31, 12 August 2008