Discuss the concept-based on the premise ‘do not anticipate profits but provide for all losses’.

Complete the following worksheet: If a firm believes that some of its debtors may ‘default’, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.

Complete the following worksheet: If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.

Complete the following worksheet: The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.

Discuss the concept-based on the premise ‘do not anticipate profits but provide for all losses’.

Complete the following worksheet: A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.

The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of the following tends to be used in practice to determine when to include a transaction in the sales figure for the period. When the goods have been:
a. dispatched b. invoiced c. delivered d. paid for
Give reasons for your answer.

‘The accounting concepts and accounting standards are generally referred to as the essence of financial accounting’. Comment.

Why is it necessary for accountants to assume that business entity will remain a going concern?

When should revenue be recognised? Are there exceptions to the general rule?

Complete the following worksheet: The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ___________ concept.

The realisation concept determines when goods sent on credit to customers are to be included in the sales figure for the purpose of computing the profit or loss for the accounting period. Which of the following tends to be used in practice to determine when to include a transaction in the sales figure for the period. When the goods have been:
Give reasons for your answer.

What is the basic accounting equation?

What is matching concept? Why should a business concern follow this concept? Discuss.

Complete the following worksheet: Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.

Complete the following worksheet: If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.

Why is it necessary for accountants to assume that business entity will remain a going concern?

Why is it important to adopt a consistent basis for the preparation of financial statements? Explain.

Complete the following worksheet: Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.

What is the money measurement concept? Which one factor can make it difficult to compare the monetary values of one year with the monetary values of another year?