Accounting Principles

Conservatism

Historical Cost

Entity

Reporting Period

Monetary Unit

Consistency

Going Concern

Qualitative Characteristic

Reliability

Relevance

Understandability

Comparability

The Accounting Process

Stage 1: Collecting Source Documents

Source Documents

Stage 2: Recording

Recording

Stage 3: Reporting

Reporting

Stage 4: Advice

Advice

Asset

Liabilities

Owner's Equity

Accounting Equation

Transactions

Classified Balance Sheet