ASSIGNMENT

Enumerate and explain each briefly.

~Basic accounting concepts:

1. Entity

2. Dual-effect

3. Matching

4. Accrual

5. Monetary Unit

6. Periodicity

7. Going Concern

8. General-purpose financial statements.

~Measurement bases:

1. Historical Cost

2. Current Cost

3. Net Realizable Value

4. Present Value

~Qualitative characteristics of the financial statements:

1. Relevance

2. Materiality

3. Reliability

4. Faithful Presentation

5. Substance Over Form

6. Neutrality

7. Conservatism

8.Completeness

9.Understandability

10.Comparability

11. Timeliness

12. Cost-Benefit