The theory of accounting has, therefore, developed the concept of a true and fair view. The true and fair view is applied in ensuring and assessing whether accounts do indeed portray accurately the business' activities.
https://www.tutor2u.net/business/reference/accounting-concepts-and-conventions
In drawing up accounting statements, whether they are external financial accounts or internally-focused management accounts, a clear objective has to be that the accounts fairly reflect the true substance of the business and the results of its operation.
https://www.tutor2u.net/business/reference/accounting-concepts-and-conventions
He found that the materiality decision of an event is. Revista Empresarial Inter Metro / Inter Metro Business Journal Spring 2009 / Vol. 5 No. 1 / p. 28. based on the percentage of the event on current income suggesting that the materiality. thresholds to be between the 5% to the15% of income before tax.
http://ceajournal.metro.inter.edu/spring09/jumah0501.pdf
According to Bernstein (1967) the concept of materiality is simple but it is central. in applying GAAP and this makes it a problematic issue for accountants. In analyzing the. materiality importance in decision making, this article is organized in the following.
http://ceajournal.metro.inter.edu/spring09/jumah0501.pdf
Accountability requires that one group or individual provides a professional or financial account (or justification) of it activities to another stakeholding group or individual. It presupposes that an organisation or institution has a clear policy on who is accountable to who and for what.
http://www.gdrc.org/u-gov/accountability.html
Accounting Concepts. Accountants assume, unless there is evidence to the contrary, that a company is not going broke. This has important implications for the valuation of assets and liabilities. Transactions and valuation methods are treated the same way from year to year, or period to period.
https://www.tutor2u.net/business/reference/accounting-concepts-and-conventions
Accounting is the language of business and it is used to communicate financial information. In order for that information to make sense, accounting is based on 12 fundamental concepts. These fundamental concepts then form the basis for all of the Generally Accepted Accounting Principles (GAAP).
http://content.moneyinstructor.com/1431/fundamental-concepts.html
Realization Concept. Realization concept in accounting, also known as revenue recognition principle, refers to the application of accruals concept towards the recognition of revenue (income). Under this principle, revenue is recognized by the seller when it is earned irrespective of whether cash from the transaction has been received or not.
http://accounting-simplified.com/financial/concepts-and-principles/realization.html
Accounting Concepts. The preparation of Income Statement and Balance Sheet of a business is based on certain assumptions. These assumptions are called Accounting Concepts. Accounting concepts are very helpful in applying commonly established procedures in preparing financial statements. Below is a list of basic accounting concepts:
http://www.olevelprinciplesofaccounts.com/accounting-concepts.html
The Concept of Accountability: Implications for Urban Governance and Management. ccountability calls for a simplified structure that avoids duplication and achieves greater impact; empowered and responsible staff managers; a leaner and more efficient local government that fosters management excellence and is accountable for achieving results.
http://www.gdrc.org/u-gov/accountability.html
what is the implication of applying accounting concept
Applying accounting concept has important implications for the valuation of assets and liabilities.