by Online Tutorial & Training Guide | Dec 5, 2025 | Key Accounting Concepts, Terminologies
Requires expenses to be recorded in the same period as the revenues they help generate. This prevents mismatched reporting of costs and income. Essential for accurate net income measurement.
by Online Tutorial & Training Guide | Nov 1, 2025 | Key Accounting Concepts, Terminologies
Recognizes revenues when earned and expenses when incurred, regardless of cash movement. This method provides a more accurate picture of financial performance. Required by most accounting standards.
by Online Tutorial & Training Guide | Oct 21, 2025 | Key Accounting Concepts, Terminologies
Requires a business to use the same accounting methods from period to period. This allows for comparability across time. Any changes must be disclosed and justified.
