Accounting Principles Overview

<p>To disclose all relevant financial information (A)</p> Signup and view all the answers

<p>Information whose omission could influence decisions (D)</p> Signup and view all the answers

<p>The business will continue to operate indefinitely. (B)</p> Signup and view all the answers

<p>Business transactions are recorded separately from personal transactions (A)</p> Signup and view all the answers

<p>Generally Accepted Accounting Principles (GAAP) (B)</p> Signup and view all the answers

<p>Monetary Unit Assumption (D)</p> Signup and view all the answers

<p>To allow timely reporting and analysis of financial performance. (B)</p> Signup and view all the answers

<p>Businesses are expected to continue operating indefinitely (A)</p> Signup and view all the answers

<p>To record transactions when they occur, regardless of cash flow (A)</p> Signup and view all the answers

<p>Malaysian Accounting Standards Board (MASB) (B)</p> Signup and view all the answers

<p>Full Disclosure Principle (C)</p> Signup and view all the answers

<p>To promote transparency and restore public trust. (B)</p> Signup and view all the answers

<p>Global harmonization of financial reporting. (B)</p> Signup and view all the answers

<p>Transparency in marketing (B)</p> Signup and view all the answers

<p>Promotes international convergence of accounting standards. (C)</p> Signup and view all the answers

<p>Developing global accounting standards. (C)</p> Signup and view all the answers

<p>They are developed by the Financial Accounting Standards Board (FASB). (B)</p> Signup and view all the answers

<p>To ensure transparency and comparability in financial statements globally (D)</p> Signup and view all the answers

<p>Providing international career mobility (A)</p> Signup and view all the answers

<p>233,000 (B)</p> Signup and view all the answers

<p>Associate Chartered Accountant (ACA) (D)</p> Signup and view all the answers

<p>It emphasizes both financial and management accounting expertise (C)</p> Signup and view all the answers

<p>Malaysian Institute of Accountants (C)</p> Signup and view all the answers

<p>1880 (B)</p> Signup and view all the answers

<p>Association of Chartered Certified Accountants (ACCA) (B), Institute of Chartered Accountants in England &amp; Wales (ICAEW) (C)</p> Signup and view all the answers

<p>It ensures consistency and comparability in global capital markets (B)</p> Signup and view all the answers

<p>Continuous development through seminars and specialized courses (A)</p> Signup and view all the answers

Recording transactions when they occur, not when cash changes hands.

Recognize revenue when earned, not when received.

Matching expenses to the revenues they generate in the same period.

Recording assets at their original cost, not current market value.

Disclosing all relevant financial information.

Significant info that would impact decisions must be reported.

Business transactions are separate from owners' personal transactions.

Transactions tracked in a stable currency

Reporting financial performance over specific periods (e.g., quarterly, annually).

Assume the business will continue operating in the foreseeable future.

International Financial Reporting Standards, a set of accounting standards promoting global harmonization.

Generally Accepted Accounting Principles, accounting standards used in the United States.

Malaysian Financial Reporting Standards, accounting standards followed in Malaysia.

Set of principles guiding professional accounting behavior, emphasizing integrity, objectivity, and professionalism.

Specific periods (monthly, quarterly, annually) used for financial reporting and analysis.

Assumption that a business will continue operating in the future unless evidence suggests otherwise.

International Accounting Standards Board, the organization that develops IFRS.

International Federation of Accountants, an organization supporting professional accounting globally.

The unit of measurement of financial transactions (e.g., dollars, euros).

A financial transaction that can be recorded in monetary units.

The Association of Chartered Certified Accountants is a global professional body for accountants with a globally recognized qualification.

The IASB aims to ensure transparency and comparability in financial statements across borders. This allows investors and other stakeholders to easily compare financial performance of companies from different countries.

IFRS is widely accepted for financial reporting in global capital markets, making it easier for companies to raise capital internationally.

National accounting bodies like the MIA ensure compliance with local laws and regulations for accountants. They also develop ethical and professional standards for the profession.

ACCA certification is globally recognized, providing career mobility and opening doors to work in different countries. It emphasizes both financial and management accounting expertise.

ICAEW supports its members with continuous professional development through seminars, conferences, and specialized courses. This helps them stay updated and enhance their skills.