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Application of Accounting Concepts - Case Study Example

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Application of Accounting Concepts

This concept makes a distinction between receipt of cash and the right to receive cash and payment of cash and the legal obligation to pay cash in relation to the revenue and expenses respectively. The accrual concept is the basis for mercantile system of accounting. While preparing financial accounts all expenses and losses pertaining to the financial period must be listed out.
The basic aim of the doctrine of consistency is to preserve the comparability and reliability of financial statements. According to this convention, the rules, practises and concepts used in accounting should be continuously observed and applied year after year. Comparisons of results among different accounting periods can be significant and meaningful only when consistency practises were followed in ascertaining them. Consistency can be of three levels - vertical, horizontal and dimensional.
Materiality means 'relative importance'. All important items and facts should be disclosed in accounting statements. Unimportant and immaterial details need not be separately given. Otherwise, the accountant becomes over burdened with unnecessary details. ...Show more

Summary

According to International Accounting Standard, "the enterprise is normally viewed as a going concern, that is, as continuing in operation for the foreseeable future. It is assumed that the enterprise has neither the intention nor the necessity of liquidation."
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