The accounting rules governing financial statement preparation. Once a method is chosen is should be used throughout. The four main concepts are accruals, consistency, going, and prudence. Refer to summary of significant accounting policies.
What is ACCOUNTING CONCEPTS?
- FASB STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS (SFAC)
- ACCOUNTING POLICIES
- ACCOUNTING RATE OF RETURN (ARR)
- GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
- CONSISTENCY PRINCIPLE
- COOKIE JAR ACCOUNTING
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (SSAP)
- CHANGE IN ACCOUNTING METHOD
- CONSTANT VALUE ACCOUNTING
- FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
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