Summary
FAC1502-Unit One: Basic Principles of Accounting summary
- Course
- Institution
FAC1502-Unit One: Basic Principles of Accounting well summarized notes with detail.
[Show more]
Seller
Follow
almanuckochwa
Content preview
FAC1502-Unit One: Basic Principles of AccountingAccounting
Systematic recording of financial transactions for individuals or businesses.
Financial Statements
Reports presenting financial data for decision-making.
Double-Entry System
Accounting method recording transactions in two accounts.
Sole Proprietor
Individual owning and operating a business alone.
Accounting Equation
Assets = Liabilities + Owner's Equity.
General-Purpose Financial Reporting
Financial reports for a wide range of users.
Financial Performance
Assessment of a business's profitability.
Financial Position
Snapshot of a business's financial health at a specific point.
International Financial Reporting Standards (IFRS)
Global accounting standards for financial reporting.
Management Accounting
Accounting for internal decision-making and planning.
Entity Concept
Business treated as a separate entity from its owners.
Accounting Principles
Guidelines governing accounting practices.
, Qualitative Characteristics
Attributes making financial information useful.
Elements of Financial Statements
Components like assets, liabilities, and equity in financial reports.
Bookkeeping
Daily recording of financial transactions for determining financial position.
Golden Rule of Accounting
Emphasizes practice for understanding accounting concepts.
Going Concern
Assumption that a business will continue operating indefinitely.
Unit of Measurement
Financial transactions recorded in a common unit like currency.
Forms of Ownership
Different structures through which businesses can be owned.
Fields of Accounting
Various branches like financial and management accounting.
Decision-Making
Using financial information to make informed choices.
Users of Financial Information
Individuals or entities relying on financial reports for decisions.
Accounting Policy
Specific rules governing accounting practices.
Conceptual Framework for Financial Reporting
Guidelines for preparing financial statements.
Financial Information
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller almanuckochwa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R143,44. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83614 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now