5_6242358631111591127

LECTURER: PN. ZALZALAH BINTIT
MOHAMED HARUDEN

REPORT

DPA10013

FINANCIAL ACC 1

REPORT

ACCOUNTING
CONCEPT:

I) BANK STATEMENT

Economic entity concept:
The transactions of a business are to be
kept separate from those of its owners.
By doing so, there is no mixed up of
personal and business transactions in a
company's financial statements

II) RECEIPTS

Money Measurement concept:
Transactions are recorded and
measured in monetary terms. In
simple words, only financial
transactions are recorded in books of
accounts.

2018 | MARCH MEMPHIS SOLUTIONS

III) CHECK Conservatism concept:

The entity needs to
prepare and maintain its
book of accounts on a
prudent basis. The entity
has to provide for any
expected losses or
expenses; however, it
does not recognize
future revenue expected

IV) CREDIT Accrual concept:
MEMO
The transaction are to
be recorded as and
when they occur, not
as and when the cash
is received or paid,
and for the period to
which the transaction
pertains