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Flashcards in Accountancy Priciples Deck (6)
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1

What is meant by Going Concern?

Operating normally

2

What is meant by Matching?

Done at the same time eg income statement and statement of financial position

3

What is meant by Materiality?

Realistic

4

What is meant by Objectivity?

There is no opinion on it as it’s based on facts

5

What is meant by Prudence?

Not overvaluing things

6

What is meant by Realisation?

When a transaction is made