Part I - PRELIMINARIES
Introduction to Accounting
4 Topics | 1 Quiz
Branches of Accounting
4 Topics | 1 Quiz
Users of Financial Information
2 Topics | 1 Quiz
Forms of Business Organizations
2 Topics | 1 Quiz
Business Activities and Transactions
3 Topics | 1 Quiz
PART II - ACCOUNTING PRINCIPLES AND ASSUMPTIONS
Financial Statements
3 Topics | 1 Quiz
Standard Setting
3 Topics | 1 Quiz
Elements of Financial Statements
6 Topics
PART III - ACCOUNTING PROCESS
Assumptions and Principles
Assumptions in accounting are accepted as fundamental truths, even without physical or scientific basis. Without assumptions, accounting would be a volatile undertaking because it has no objective, verifiable proof. Assumptions are dynamic and one could change or be discarded if environmental changes render it irrelevant to the times. Principles deal with how items should be taken up in the accounting records, at what values, and how much information is necessary for a fair presentation of financial position and performance are guided by these principles.
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