Accounting policies are the specific principles, bases, conventions, rules, and practices applied by an entity in preparing and presenting financial statements. They ensure consistency, transparency, and comparability of financial reporting.
Accounting principles are the foundation rules and guidelines that companies must follow when reporting financial data, ensuring consistency, transparency, and comparability of financial statements.
A chain store is an individual retail store that is a part of a group of similar retail stores managed and owned by the same entity, providing consistent products, services, and branding across multiple locations.
Financial statements covering different dates but prepared consistently and therefore lending themselves to comparative analysis, as accounting convention requires.
In accounting, a convention refers to a general agreement, customary practice, or accepted norm that is followed by accountants in the preparation and presentation of financial statements. Accounting conventions aim to provide consistency and comparability across financial statements.
Generally Accepted Accounting Principles (GAAP) are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements. GAAP’s objective is to ensure that financial reporting is transparent and consistent from one organization to another.
Conventions, rules, and procedures that define accepted accounting practice, including broad guidelines as well as detailed procedures, ensuring consistency and transparency in financial reporting.
Objectivity in accounting aims to minimize subjective actions by preparers of accounts to ensure comparisons of financial statements across different companies are based on consistent principles.
The accounting concept that ensures the financial statements of a company are produced at regular intervals, providing consistency, comparability, and regular communication to stakeholders.
The Statements on Internal Auditing Standards (SIAS) are guidelines issued to enhance the competence and consistency of internal auditing within organizations.
