Accounting Rules

Accounting Rules

Introduction

According to Booysen (et al., 2008) Accounting policies are the basic rules, principles, conventions and practices adopted by the organization to prepare and present the financial statements of an organization. There are different principles like going concern concept, matching principles, accrual basis, consistency concept and other principles to record financial information of an organization. Conventions are generally accepted rules whereby the information and data are treated in an accounting process, for example double-entry bookkeeping that is for every debit entry there is a credit entry. On the basis of these rules and principles certain scenarios will be analyzed to ...