中央财经大学会计专业英语教程Chapter 1(2)

中央财经大学会计专业英语教程

1.2 Accounting basis and Accounting AssumptionsTwo types of accounting basis Cash-basis accounting Accrual-basis accounting

中央财经大学会计专业英语教程

Cash BasisIs the method of bookkeeping that records financial events based on cash flow and cash position. Revenue is recognized when cash is received and expense is recognized when cash is paid. Two types of cash-basis accounting exist: Strict cash-basis modified cash-basis

中央财经大学会计专业英语教程

Accrual-BasisRecords financial events based on economic activity rather than financial activity. Revenue is recorded when it is earned and realized, regardless of when actual payment is received. Expenses are “matched” revenue regardless of when they are actually paid. Accrual accounting is required by CAS and other financial accounting standards like GAAP, IFRS,etc.

中央财经大学会计专业英语教程

Comparison A simple Example Other considerations

中央财经大学会计专业英语教程

Accounting AssumptionsCAS treats the following as the fundamental accounting assumptions: Entity Continuity Period of Time Monetary Unit

中央财经大学会计专业英语教程

1.3 Financial Accounting Principles and Measurement Bases

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