ACCOUNTING: STANDARDS, POLICIES, ASSUMPTIONS, PRINCIPLES PROFESSIONAL ENGLISH IN USE:FINANCE Units 7, 8.

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Presentation transcript:

ACCOUNTING: STANDARDS, POLICIES, ASSUMPTIONS, PRINCIPLES PROFESSIONAL ENGLISH IN USE:FINANCE Units 7, 8

1.What is the purpose of accounting standards? 2.Why are there different accounting policies? 3.What is the difference between GAAP and IFRS? 4.What is the consistency principle? 5.How are accounting policies disclosed to shareholders? 6.What kind of effect can depreciation, valuation of stock and provisions have on the final profit figure? 7.How are assets valued according to the historical cost principle and replacement cost accounting?

9. Explain the following assumptions that accountants use: a)separate-entity (business entity assumption) b)time-period assumption c)going-concern assumption d)unit-of-measure assumption

10. Explain the following accounting principles: a)Consistency b)Historical cost c)Full-disclosure d)Materiality e)Conservatism f)Objectivity g)Revenue recognition h)Matching p. 21, 23

DEPRECIATION AND AMORTIZATION Investopedia videos PROFESSIONAL ENGLISH IN USE:FINANCE Unit 9

1.What is the difference between fixed and current assets? 2.What happens to fixed assets over time? 3.How are fixed assets depreciated? 4.Is land usually depreciated? 5.Which methods of revaluation of appreciating fixed assets do you know? 6.In which countries is appreciation only recorded? 7.What is the straight-line method of depreciation? 8.What is accelerated depreciation? 9.How is accelerated depreciation an incentive to businesses? p. 25