Accounting financial accounting. Accounting Principles (Most Important)

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Accounting financial accounting. Accounting Principles (Most Important)

Lecture notes, cheat sheets

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2. PRINCIPLES OF ACCOUNTING

Principle - the basis, initial, basic position of accounting as a science, which predetermines all subsequent statements arising from it. The basic principles of accounting are as follows. Principle autonomy - assumes that this or that organization exists as a single independent legal entity; the property of the organization is strictly separated from the property of its co-owners, employees and other legal entities. Principle double entry - consists in the reflection of economic phenomena, facts and operations, predetermined by the use of double entry in accounts, simultaneously and for the same amount on the debit of one account and the credit of another accounting account. Principle operating organization - assumes that the organization is functioning normally and will retain its market position in the foreseeable future, repaying obligations to suppliers and consumers and other partners in the prescribed manner. Principle objectivity (registration) consists in the fact that all business transactions must be reflected in accounting, be registered throughout all stages of accounting, confirmed by supporting documents on the basis of which accounting is maintained. Principle prudence (conservatism) assumes a certain degree of care in the process of forming the judgments required in calculations made under conditions of uncertainty, which avoids overstating assets (or income) and understating liabilities (or expenses). Principle accruals (conditional facts of economic activity) - all transactions are recorded as they occur, and not at the time of payment, and refer to the reporting period when the transaction was performed.

Principle periodicity - regular, periodically recurring balance summarization of accounting information - preparation of the balance sheet and other forms of reporting for the year, half year, quarter, month; this principle ensures the comparability of reporting data, allows you to calculate financial results after certain periods. Principle confidentiality lies in the fact that the content of internal accounting information constitutes a trade secret of the organization, for the disclosure of which and damage to the interests of an economic entity, liability is provided. Principle monetary dimension involves the quantitative measurement of the facts of economic activity and the use of the country's currency as a unit of measurement. Principle continuity - reasonable adherence to national traditions, achievements of domestic science and practice.

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