CA > Foundation > Paper 1 – Flashcards
What does the module overview focus on?
Accounting framework
What is the role of accounting?
Business language
What do GAAP provide?
Unified approach
Why is consistency important?
Comparability
What are the three fundamental assumptions?
Going Concern, Consistency, Accrual
What does Going Concern assume?
Ongoing operations
What does the Entity Concept separate?
Business and personal
What is Money Measurement?
Monetary terms only
What does Periodicity allow?
Regularly prepared accounts
Name a key accounting principle.
Objectivity
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