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Flashcards in Accountancy Priciples Deck (6)
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1
Q

What is meant by Going Concern?

A

Operating normally

2
Q

What is meant by Matching?

A

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

3
Q

What is meant by Materiality?

A

Realistic

4
Q

What is meant by Objectivity?

A

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

5
Q

What is meant by Prudence?

A

Not overvaluing things

6
Q

What is meant by Realisation?

A

When a transaction is made