Accounting Concepts and Conventions
Principles of Accounting · JC 1 · The Roles of Accounting and the Accounting Information System · 1.º Período

Accounting Concepts and Conventions

Introduces the fundamental accounting theories that guide the preparation of financial statements. Students will apply concepts like going concern, accrual, and prudence to various scenarios.

MOE Syllabus OutcomesSEAB 9755 Section 1.3: Accounting TheoriesSEAB 9755 Section 1.4: Conceptual Framework

About This Topic

Introduces the fundamental accounting theories that guide the preparation of financial statements. Students will apply concepts like going concern, accrual, and prudence to various scenarios.

Key Questions

  1. Why are accounting standards and conventions necessary?
  2. How does the accrual basis differ from the cash basis of accounting?
  3. When should the prudence concept be applied in financial reporting?

More in The Roles of Accounting and the Accounting Information System

Stakeholders and the Role of Accounting

Explores the purpose of accounting and how various stakeholders use financial information. Students will analyse the ethical responsibilities of accountants in the corporate world.

2 methodologies

The Accounting Equation and Double-Entry System

Examines the dual effect of business transactions on the accounting equation. Students will record transactions using the double-entry bookkeeping system and extract a trial balance.

2 methodologies