7 Accounting conventions in Kannada | materiality, consistency, full disclosure, conservatisms скачать в хорошем качестве

7 Accounting conventions in Kannada | materiality, consistency, full disclosure, conservatisms

Shri.Shivaraj Nandane MCOM.Bed Youtuber Raibag dist - belagavi 7411991001 Chapter 1 Introduction to accounting Part 1 -    • Introduction to Accounting in kannada clas...   Part 2 -    • Introduction to Accounting kannada part 2 ...   Part 3 -    • Introduction to Accounting | part 3 | clas...   Part 4 -    • Introduction to Accounting | part 4 | feat...   Part 5 -    • Introduction to Accounting in Kannada | pa...   Part 6 -    • Introduction to Accounting in Kannada | pa...   Part 7 -    • Introduction to Accounting in Kannada | pa...   Part 8 -    • Introduction to Accounting in Kannada | pa...   Chapter 2 Theory base of accounting Part 1 -    • Theory Base of Accounting in Kannada | cla...   Part 2 -    • 2. THEORY BASE OF ACCOUNTING | Accounting ...   Part 3 -    • 3 Theory base of accounting in Kannada | p...   Part 4 -    • 4 Theory base of accounting | ACCOUNTING P...   Part 5 -    • 5 Theory base of accounting | principles o...   Part 6 -    • 6 Theory base of accounting | principles o...   Part 7 -    • 7 Accounting conventions in Kannada | mate...   Accounting convention information Accounting conventions are guidelines used by accountants to ensure consistency, reliability, and comparability of financial statements. Here are some key accounting conventions: Consistency Convention: This convention requires that a company uses the same accounting methods and principles from one period to the next. This helps in comparing financial statements over different periods. Conservatism Convention: Also known as the prudence principle, this convention advises accountants to err on the side of caution. It means recognizing expenses and liabilities as soon as possible, but revenues and assets only when they are assured of being received. Materiality Convention: This principle states that all significant items must be reported in financial statements. An item is considered material if its omission or misstatement could influence the economic decisions of users taken on the basis of the financial statements. Full Disclosure Convention: This convention mandates that all relevant and necessary information for the understanding of a company's financial statements must be disclosed. This ensures transparency and allows users to make informed decisions. Going Concern Convention: This principle assumes that a company will continue to operate for the foreseeable future. Financial statements are prepared with this assumption unless there is evidence to the contrary. Matching Convention: This principle requires that expenses be matched with the revenues they help to generate within the same accounting period. It ensures that a company's income statement reflects the true profit or loss during a specific period. These conventions are fundamental in shaping the preparation and presentation of financial statements, ensuring that they are meaningful and useful to stakeholders. #accounting convention #business convention #accountant #Consistency Convention #Materiality Convention #Full Disclosure Convention #Going Concern Convention #Matching Convention: #accounting theory #theory base of accounting #accounting concepts #accounting principles #bookkeeping #accounting #accountant