Accounts - Principles of Accounts

time span during which taxes are paid to the inland revenue board

budget period, usually one year, relied on by the accountant

time span, usually one year, covered by financial statement

period within which debtors are expected to settle accounts

passing of entries

consistency convention

matching concept

adjusting for revenue

materiality

objectivity

consistency

conservatism

future cash flows of the company

future tax payments of the company

potential merger candidates for the company

appropriate remunerations for the company's staff

Debit generator account and credit cash account

Debit purchases account and credit cash account

Debit cash accounts and credit purchases account

Debit cash account and credit generator account