A measurement base whereby an item (an asset) is initially recognized and measured at a value equal to its original...

It stands for statement of financial position; previously known as balance sheet, it is a detailed projection of the assets,...

The frequency with which an asset (usually a depreciable asset) is replaced by another asset, either with similar/ identical features,...

The process that involves the removal of a financial asset or financial liability or generally any element (that was already...

The basic principles that determine the timing of recording (recognizing) revenue, expense, gain, and loss in the statement of income...

It stands for statement of financial position; previously known as balance sheet, it is a detailed projection of the assets,...

The gradual diminution, loss or decrease in the utility value of an asset as resulting from wear and tear. Depreciation...

An accounting concept that associates revenue generated in a specific period with all the costs/ expenses incurred or necessary to...

An accounting basis of recording transactions and events whereby recognition of revenues and expenses takes place when an economic exchange...

An accounting basis of recording transactions and events only when cash receipt/ payment is involved. More specifically, cash accounting is...