3.5 Accounting concepts used in the preparation of accounting records

Content	Additional information
General accounting concepts.	Concepts are: money measurement duality cost going concern accruals consistency prudence materiality realisation business entity.
The use of accounting concepts in a variety of situations.	Situations are: preparation of financial statements asset valuation depreciation of non-current assets inventories (using cost or net realisable value as the basis for valuation). recording the purchase of non-current assets recording transactions in ledger accounts goods sold on a sale or return basis.

Content

Additional information

General accounting concepts.

Concepts are:

The use of accounting concepts in a variety of situations.

Situations are: