Accounting concepts and applications answers
Management Accounting: Concepts and Applications by Ma. Elenita Balatbat Cabrera
Questions and Answers - Accounting Concepts - Principles & Conventions - CA CPT - CS & CMA
Accounting is the process of record keeping for all financial transactions conducted by a business or organization. Managerial accounting uses the accounts for budgeting and planning purposes and to measure the company's performance. The type of accounting that a company practices depends on the type of industry and the firm's financial needs.
Ma. Elenita Balatbat Cabrera
Accounting Concepts, Conventions and Solutions
In drawing up accounting statements, whether they are external "financial accounts" or internally-focused "management accounts", a clear objective has to be that the accounts fairly reflect the true "substance" of the business and the results of its operation. The theory of accounting has, therefore, developed the concept of a "true and fair view". The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business' activities. To support the application of the "true and fair view", accounting has adopted certain concepts and conventions which help to ensure that accounting information is presented accurately and consistently. The most commonly encountered convention is the "historical cost convention". This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost.
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Accounting Concepts and Applications
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