Principles of Accounting and Accounting Assumptions

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Affairs of the business can be studied mainly by consulting final accounts and the balance sheet of the particular business. Final accounts and the balance sheet are end products of book-keeping. Because of the importance of these statements it became necessary for the accountants to develop some principles, concepts and conventions which may be regarded as fundamentals of accounting. Such fundamentals having wide acceptance give reliability and creditability to the financial statements prepared by the accountants. The need for ‘generally accepted accounting principles’ arises for two reasons: First, to be logical and consistent in recording the transactions and second, to conform to, the established practices and procedures.

There is no agreement among the accountants as regards the basic concepts of accounting. There is no uniformity in generally accepted accounting principles (GAPP). The terms-axioms, assumptions, conventions, concepts, generalizations, methods, rules, doctrines, techniques, postulates, standards and canons are used freely and inconsistently in the same sense.

Principles

“A general law or rule, adopted or professed as a guide to action, a settled ground or basis of conduct or practice.” This definition given by dictionaries comes nearest to describing what most accountants mean by the word ‘Principle’. Care should be taken to make it clear that as applied to accounting practice, the world principle, does not connote a rule for which there can be no deviation. An accounting principle is not a principle in the sense that it admits of no conflict with other principles.

Postulates

Mean to assume without proof, to take for granted or positive consent, a position assumed as self- evident. Postulates are assumptions but they are not arbitrary deliberate assumptions but generally recognized assumptions which reflect the judgment of ‘facts’ or trend or events, assumptions which have been borne out in past by facts supposed by legal institutions making them enforceable to some extent.

Doctrines

Mean principles of belief: what the scriptures teach on any subject. It refer to an established principle propagated by a teacher which is followed in strict faith. But in accounting practice, no such doctrine need be adhered to but the word denotes the general principles or policies to be followed.


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Locations:  Virginia Beach


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  • Study on your schedule - GCU offers many programs 100% online to fit your busy lifestyle.
  • GCU offers a variety of opportunities to reduce the cost of furthering your education. Campus students may qualify for scholarships, while online students can take part in limited special offers.
  • A regionally accredited university, GCU also holds specialized accreditations and approvals for some of our core program offerings.
  • Degrees in business, education, nursing, humanities and social sciences, theology and more. Find the degree that fits you.
  • Talk to us today to learn more about financial aid and start dates!

Programs:

  • B.S. in Accounting
  • B.S. in Finance and Economics
  • Recognized in the first Best for Vets: Business Schools list in Military Times Edge magazine’s 2013 “Best for Vets” edition.
  • Offers MUSE (My Unique Student Experience), a content delivery system that gives students the option to watch, view, read or listen to required course materials.
  • Allows students to complete courses at whatever pace they want.
  • A DANTES-affiliated university and member of the Service Members Opportunity Colleges.
  • Offers IntelliPath, a proprietary learning technology that lets students learn at their own pace.

Programs:

  • Bachelor of Accounting
  • Bachelor's (BBA) - Accounting
  • Bachelor's (BBA) - Finance

CTU can help you connect to what matters most: a powerful professional network, faculty who are real-world professionals and innovative technology. And now several CTU degree programs are ranked by U.S. News Best Online Programs for 2015.  Are you in?

Programs:

  • Bachelor of Science in Accounting
  • Bachelor of Science in Business Administration - Finance
  • Online degrees offered include BA in Accounting, BA in Business Administration, MBA, and more.
  • Business students may be eligible for scholarships such as the Entrepreneurship Scholarship.
  • Courses help students develop knowledge of marketing, accounting, economic principles, and financial management.
  • Business Administration students can specialize in areas such as Entrepreneurship, Finance, and Project Management.

Programs:

  • BA/Accounting
  • BA/Consumer and Family Financial Services
  • BA/Finance
  • And more...
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.

Programs:

  • Business Administration - Accounting (BS) (Online)
  • Business Administration - Finance (BS) (Online)
  • Online and ground-based program areas include Fashion Marketing and Management and more.
  • Students can study branding, event management, and public relations to help them prepare for a marketing career
  • Course topics include Fundamentals of Business, Brand Strategy, Project Management, and Principles of Market Research
  • Over 50 locations nationwide, with a student support team dedicated to helping students grow
  • Join our next Open House on 10/21 (10/28 @ select locations)!

Programs:

  • Marketing & Entertainment Management (BS)
  • Fashion & Retail Marketing (AS)
  • Earn your Bachelor of Business Administration (BBA) 100% online
  • Learn business and leadership skills through case studies and intensive projects, culminating in a capstone course
  • Program designed to teach students key concepts in accounting, financial services, and marketing
  • South University brings over 115 years of achievement and tradition to a supportive, online classroom

Programs:

  • Business Administration (BBA)

As a student at South University, you will have the opportunity to learn from accomplished faculty members who have real-world experience in the subjects that they teach. Our small class sizes allow you to receive personalized attention from instructors, and the encouragement to recognize your goals for the future and the means to achieve them.

Programs:

  • Business Administration (BBA)
Locations:  Virginia Beach