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GAAP Principles - Financial Accounting

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이 집합의 용어 (10)

  • Measurement (Cost) Principle

    Assets and purchases must be recorded at their original cost or historical cost.

  • Revenue Recognition Principle

    Revenue is recognized when the service is provided, regardless of when payment is received.

  • Expense (Matching) Principle

    Expenses must be recorded in the same accounting period as the related revenue.

  • Materiality Principle

    Small companies may treat items differently than large companies based on significance, e.g., \$500 office supplies as asset or expense.

  • Business Entity Concept

    The owner's personal affairs are kept separate from the business's financial records.

  • Objectivity Principle

    Accounting information should be based on objective evidence so different people arrive at the same values.

  • Full Disclosure Principle

    All significant information, such as potential losses from lawsuits, must be disclosed in financial statements.

  • Consistency Principle

    Accounting methods should not be changed solely to manipulate financial results.

  • Going Concern Principle

    Assumes the business will continue operating for the foreseeable future and is not in distress.

  • Conservatism Principle

    When multiple accounting options exist, choose the least optimistic to avoid overstating assets or income.