Xacc Accounting

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Submitted By susanna01
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Checkpoint 1: Accounting assumptions, principles, constraints

Accounting Assumptions, Principles, and constraints

The basic Assumptions of accounting are: monetary unit assumption, time period assumption, economic entity assumption, and going concern assumption. Monetary unit assumption is when records only show data that can be expressed in terms of money. Health of owners, the quality of service, and morale of employees are not included because companies cannot qualify this information in terms of money (Accounting in action). Going concern assumption is when the business is assumed to have a continuous life of existence it will not close or be sold. Since the business is assumed to have a continues life of existence the life of the business is divided into equal periods that when these equal periods are over the accountant prepares the financial statement, this called the time period assumption. this period can be yearly, annually, monthly or quarterly it depends. and finally entity assumption wherein the business considered as a separate and distinct entity apart from the owner. The principles of accounting: the first principles is the cost principle, this dictate the company's assets at their cost. This means the amount spent when the item was obtained whether it was purchased today or 20 years ago. Cost will be recorded as purchased even if the cost has had increase in value over time, this is referred to as historical cost. This basic accounting principle is the basis for accrual accounting. It requires us to record revenue when the goods have been sold or the service has been provided. Disclosure principle: This accounting principle requires us to disclose all pertinent financial information about our business in an understandable form. This information is presented in the main body of our financial statements, in the footnotes of our financial…...

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