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Finance 2013 Sept10 Accounting(1)

Dual aspect 2money measurement 3entity 4going concern

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Unformatted text preview: Basic Accounting Concepts Basic 1.Dual-aspect 2.Money-measurement 3.Entity 4.Going-concern 5.Cost 6.Conservatism 7.Materiality 8.Realization 9.Matching Basic Financial Statement Basic Financial status reflected in three financial Financial statements: statements: 1. Balance Sheet 2. Income Statement 3. Statements of Cash Flows Sources & Uses of Funds Three Basic Financial Statements Three Income Statement Cash Flow Statement • At a point in time point • Over a period of time Over • Over a period of time Over • Financial Condition Financial • Financial Results of Financial Operations Operations • Sources and Uses of Sources Funds Funds Balance Sheet Financial Statements Financial INCOME STATEMENT Revenues & Expenses BALANCE SHEET Assets, Liabilities & Equity BALANCE SHEET CASH FLOW - SOURCES & USES OF FUNDS Beginning Beginning of Period of End of Period Provision of Health Care Services Accounting Period Beginning Assets, Liabilities & Equity End Income Statement Income The Income Statement represents an attempt The to measure the net results of the fi...
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