Accounting. Basic Accounting Principles (Most Important)

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Accounting. Basic Accounting Principles (Most Important)

Lecture notes, cheat sheets

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10. Basic principles of accounting

1. Economic independence - the enterprise is legally independent and economically autonomous; funds and sources are accounted for separately from borrowings, and activities are built on the basis of funds received from their activities.

2. Compulsory double entry of business transactions in the accounts of the working chart of accounts compiled on the basis of the Chart of accounts approved by the Ministry of Finance.

3. Accounting is kept in rubles and in Russian. If the document is in a foreign language, then there must be a line-by-line translation.

4. Current costs for the production of products, the provision of services are carried out separately from the costs associated with capital and financial investments.

5. Compulsory documentation of business processes. They must be drawn up at the time of the transactions and have the required details in accordance with the standard forms.

6. Use of accounting registers for systematization and accumulation of information contained in accounting documents. The content of accounting registers is a trade secret.

7. Accounting items are valued in monetary terms at market value or at manufacturing cost.

8. Mandatory inventory of property and liabilities. The procedure for conducting an inventory is determined by the head, with the exception of the mandatory inventory provided for by the legislation of the Russian Federation.

9. Formation of accounting policies for accounting.

Installed accounting assumptions:

▪ separation of property - property of the organization separately from the property of the owner. In accordance with this assumption, the property of the organization, owned by the right of ownership, is reflected in the balance sheet synthetic accounts;

▪ continuity assumption - the organization is not going to self-liquidate and will continue its activities in the future. This assumption should be used in audit practice, i.e. the auditor is obliged to inform users of financial statements about such intentions;

▪ assumption of a sequence in the application of accounting policies - the selected accounting policy will be carried out from year to year and will change in case of changes in legislation or regulations relating to accounting;

▪ temporal assumption - Facts are reflected in the accounting of the period in which they were committed.

Accounting requirements :

▪ requirement of completeness - all business processes must be reflected in accounting;

▪ requirement of timeliness - facts of economic activity are reflected in accounting in a timely manner;

▪ requirement of caution - not to allow hidden reserves, willingness to recognize expenses in the financial statements;

▪ requirement of priority of content over form - facts of economic activity are reflected in their legal form and economic content;

▪ consistency requirement - analytical accounting data must be identical to the turnover and balances of synthetic accounting accounts on the last calendar day of each month;

▪ requirement of rationality - optimality of accounting according to the size of the organization and existing information.

Author: Kabkova E.N.

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