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Revenue Recognition Concept

An accounting concept that implies that revenue is considered to be earned (realized) once goods or services are sold/ delivered...

BV

It stands for book value; broadly speaking, it refers to the historical cost of an entity's assets (total assets) minus...

Book Value

Broadly speaking, it refers to the historical cost of an entity's assets (total assets) minus its liabilities (total liabilities) (hence...

Realization Concept

An accounting concept that implies that revenue is considered to be earned (realized) once goods or services are sold/ delivered...

Generally Accepted Accounting Concepts

A set of accounting concepts, principles, assumptions and conventions which provides the conceptual basis or framework for financial accounting book-keeping...

Separate Entity Concept

An accounting concept that considers a firm (a business or an entity) to be financially separate from its owners. This...

Entity Concept

An accounting concept that considers a firm (a business or an entity) to be financially separate from its owners. This...

Going Concern Concept

An accounting concept that considers an entity to continue in business indefinitely or for the foreseeable future (a minimum period...

Going Concern Assumption

An accounting assumption that holds that an entity would continue in business indefinitely or for the foreseeable future (a minimum...

Continuity Assumption

An accounting assumption that holds that an entity would continue in business indefinitely or for the foreseeable future (a minimum...