The Economic and Financial Crimes Commission, EFCC, as part of our public enlightenment campaign, made a post via our social...
ACCOUNTING
ACCOUNTING CONCEPT- OBJECTIVITYMEANING:This concept states that financial statement must be prepared based on verifiable evidence and preparers of these statements...
ACCOUNTING CONCEPT--DUAL ASPECT CONCEPTMEANING: This concept states that for every transaction there are two accounts involved, one to be credited...
ACCOUNTING CONCEPT-PERIODICITY CONCEPTPeriodicity concept states that financial statements and other accounting reports should be made available by accountants within a...
REALISATION CONCEPTDefinition:This concept states that revenue should be recognized in the books of account as well as in the financial...
ACCOUNTING CONCEPT-THE MATCHING CONCEPTThe matching principle states clearly that income and expenses should be matched in the statement of profit...
ACCOUNTING CONCEPT-ACCRUAL CONCEPTAccrual concept states that revenue and expenses are recorded in the books of account and in the financial statement,...
ACCOUNTING CONCEPT-HISTORICAL COSTHistorical cost or Historical Cost Accounting (HCA) is the actual cost of assets, liabilities and equity (ALE). It...
ACCOUNTING CONCEPT-GOING CONCERNGoing concern concept or going concern assumption is that assumption that an entity will continue it's business operations...
ACCOUNTING CONCEPT: MONETARY MEASUREMENTMonetary measurement is an accounting concept which states that accounting records in the source documents, subsidiary books,...
