Accounting (AS)·Accounting principles · NSSCAS 1.2.1
Accounting principles 2: going concern, consistency, prudence, accrual, materiality
Narrated lesson · press play
Five rules run quietly underneath every statement you will ever prepare: going concern, consistency, prudence, accrual (matching) and materiality. Paper 1 loves to ask you to explain AND illustrate them, and scenario questions ask which rule a business has broken. In this lesson Miss Olivia gives you a plain-words definition and a small N$ example for each one, and shows exactly where each principle returns later in the course.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 1.2.1):
- identify the accounting principles: going-concern, consistency, prudence, accrual/matching, materiality
- explain and illustrate each of the accounting principles
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