Принципы бухгалтерского учета

Principles of accounting from the company Geo-Service

Accounting is required for the departments involved in the company’s management, in order to obtain up-to-date and reliable information about its activities, as well as on all available deviations from the desired parameters. It allows you to analyze the indicators, available reserves and possible shortcomings in the activities.

The accounting principles are a significant system of concepts and procedures that must be observed when compiling current financial statements. They provide an unambiguous perception and analysis of information about the company by those who need this information.

Main accounting principles

The principles that necessarily guide the compilation of accounting are not standardized. Nevertheless, they have great practical importance. Their observance helps, for example, with such a meaningful operation as the accounting restoration.

The following key accounting principles are singled out in the methodological literature:

  1. Entirety - accounting is conducted within the organization's property. It must be perceived as a separate legal entity, without taking into account the owner's personal funds.
  2. Continuity - the change of the firm’s owner does not oblige to revalue the available property.
  3. Monetary measurement - when accounting is important only those facts that can be calculated in monetary terms.
  4. Consistency - the current methodology is not subject to revision if there is no good reason to do so.
  5. Deliberation - in the conduct of accounting, expenses should not be understated, and incomes are not deliberately overstated.
  6. Objectivity - the registration of the facts of current economic activity is carried out in accordance with their essence, and not because of formal requirements.
  7. Rationality - accounting is organized in accordance with the current requirements of the business entity.
  8. Double entry - each operation must be presented in the documentation with two identical entries: in the credit and debit accounts.

On these and other important accounting principles, the account department employee must rely on the recording of any ongoing business transactions.

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