Make sure you read this first: How Corona will affect your education experience. The worldview of accounting and accountants may certainly involve some unhelpful characters poring over formidable figures stacked up in indecipherable columns. Accounting is the language of business efficiently communicated by well-organised and honest professionals called accountants. The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information.
Unit 14 Financial Accounting Assignment
Assignment On Going Concern In Accounting✏️ — Pay to do my essay
It is essential that candidates preparing for the Audit and Assurance AA exam understand the respective responsibilities of auditors and management regarding going concern. This article discusses these responsibilities, as well as the indicators that could highlight where an entity may not be a going concern, and the reporting aspects relating to going concern. Candidates attempting AA will need to have a sound understanding of the concept of going concern. Among other syllabus requirements, candidates must ensure they are aware of the respective responsibilities of auditors and management regarding going concern. An entity prepares financial statements on a going concern basis when, under the going concern assumption, the entity is viewed as continuing in business for the foreseeable future. The concept of going concern is an underlying assumption in the preparation of financial statements, hence it is assumed that the entity has neither the intention, nor the need, to liquidate or curtail materially the scale of its operations.
Accounting Concepts, Conventions and Solutions Assignment
The time period principle or time period assumption is an accounting principle which states that a business should report their financial statements appropriate to a specific time period. Stay on top of your financial activity by using an online invoicing software such as Debitoor. Sign up now!
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".