Accounting Principles Accounting Accounting Accounting Assumptions Concepts Constraints 1. Money Unit 1. Revenue Recognition 1. Materiality 2. Economic Entity 2. Matching Principle 2. Conservatism 3. Going Concern 3. Full Disclosure 3. Consistency 4. Time Period 4. Historical Cost 4. Cost Benefit 5. Objectivity\fSEAP T PRED and aire SEAP 25 Expend reponing By herifying pants of the business imugon an baller soups the rick of the whok Capital inanments Inshes thats bounty miles to he may Roperang the whataney By bringing all acts and liabilities onin the balance sheet inredon cin Edited party dadores Help inkenily tarekticus carried PRS 19 Derivative and other Identifying risks arising from the us marcil imtrumanb of Fromcial isurucris Fraed and error Requires aeditors in aven the risk that fraud and error may materially Live and republicors Auditors need in commider whether the boxdoes may have violated laws and pogbadons SAS 130 the Patong vish ley of the companyACCOUNTING CONCEPTS 9 Business entity Money Measurement/stable monetary unit O Going Concern Historical Coat Prudence/conservatism 0 Materiality o Objectivity o Consistency Accruals/matching o Realization o Uniformity o Disclosure 9 Relevance