Accounting Concepts & Principles

A number of basic accounting principles have been developed through common usage. They form the basis upon which modern accounting is based. The best-known of these principles are as follows:

  • Accrual principle : This is the concept that accounting transactions should be recorded in the accounting periods when they actually occur, rather than in the periods when there are cash flows associated with them. This is the foundation of the accrual basis of accounting. It is important for the construction of financial statements that show what actually happened in an accounting period, rather than being artificially delayed or accelerated by the associated cash flows. For example, if you ignored the accrual principle, you would record an expense only when you paid for it, which might incorporate a lengthy delay caused by the payment terms for the associated supplier invoice.
  • Conservatism principle: This is the concept that you should record expenses and liabilities as soon as possible, but to record revenues and assets only when you are sure that they will occur. This introduces a conservative slant to the financial statements that may yield lower reported profits, since revenue and asset recognition may be delayed for some time. Conversely, this principle tends to encourage the recordation of losses earlier, rather than later. This concept can be taken too far, where a business persistently misstates its results to be worse than is realistically the case.
  • Consistency principle: This is the concept that, once you adopt an accounting principle or method, you should continue to use it until a demonstrably better principle or method comes along. Not following the consistency principle means that a business could continually jump between different accounting treatments of its transactions that makes its long-term financial results extremely difficult to discern.
  • Cost principle: This is the concept that a business should only record its assets, liabilities, and equity investments at their original purchase costs. This principle is becoming less valid, as a host of accounting standards are heading in the direction of adjusting assets and liabilities to their fair values.
  • Economic entity principle: This is the concept that the transactions of a business should be kept separate from those of its owners and other businesses. This prevents intermingling of assets and liabilities among multiple entities, which can cause considerable difficulties when the financial statements of a fledgling business are first audited.
  • Full disclosure principle: This is the concept that you should include in or alongside the financial statements of a business all of the information that may impact a reader’s understanding of those financial statements. The accounting standards have greatly amplified upon this concept in specifying an enormous number of informational disclosures.
  • Going concern principle: This is the concept that a business will remain in operation for the foreseeable future. This means that you would be justified in deferring the recognition of some expenses, such as depreciation, until later periods. Otherwise, you would have to recognize all expenses at once and not defer any of them.
  • Matching principle: This is the concept that, when you record revenue, you should record all related expenses at the same time. Thus, you charge inventory to the cost of goods sold at the same time that you record revenue from the sale of those inventory items. This is a cornerstone of the accrual basis of accounting. The cash basis of accounting does not use the matching the principle.
  • Materiality principle: This is the concept that you should record a transaction in the accounting records if not doing so might have altered the decision making process of someone reading the company’s financial statements. This is quite a vague concept that is difficult to quantify, which has led some of the more picayune controllers to record even the smallest transactions.
  • Monetary unit principle:This is the concept that a business should only record transactions that can be stated in terms of a unit of currency. Thus, it is easy enough to record the purchase of a fixed asset, since it was bought for a specific price, whereas the value of the quality control system of a business is not recorded. This concept keeps a business from engaging in an excessive level of estimation in deriving the value of its assets and liabilities.
  • Reliability principle: This is the concept that only those transactions that can be proven should be recorded. For example, a supplier invoice is solid evidence that an expense has been recorded. This concept is of prime interest to auditors, who are constantly in search of the evidence supporting transactions.
  • Revenue recognition principle : This is the concept that you should only recognize revenue when the business has substantially completed the earnings process. So many people have skirted around the fringes of this concept to commit reporting fraud that a variety of standard-setting bodies have developed a massive amount of information about what constitutes proper revenue recognition.
  • Time period principle: This is the concept that a business should report the results of its operations over a standard period of time. This may qualify as the most glaringly obvious of all accounting principles, but is intended to create a standard set of comparable periods, which is useful for trend analysis.

These principles are incorporated into a number of accounting frameworks, from which accounting standards govern the treatment and reporting of business transactions.

SOURCE: accountingtools

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Guidelines for Finding the Most Outstanding Drug Rehab Facility

This rot referred to as drug addiction is a slow rot that hinders progress in our society. Because of the continued use of drugs among the youth, they now depend on such supplies for survival. One of the best-approved ways of making these people regain their senses is to find a good rehabilitation program for them. To read on how you can determine the most suitable drug rehab center, here are the expounded factors.

The ratio of the therapists to the patients enrolled in the drug rehab center is the number one thing that you will need to assess in case of quality control. You could be very involved and you will have to remain strong to identify a position where your loved one can fit especially if you approach the drug rehab centers where high-quality solutions are rendered. The therapists will have to take watch of the behavior and the response of the patients to identify the most effective solutions. There will be no quality treatment solutions as excess recruitment of patients will dilute the services which these professionals are required to discharge.

Never choose a drug rehab center before you are sure about the place where it is found. Based on the location of the drug rehab center, you can find it to be better than the other or find it to be worse. Accessibility to the drug rehab center is just but one of the reasons that can push you to settle for the nearest drug rehab center. The furthest drug rehab center could also have its advantages, for example, it allows the addict to change the environment from the one where they have been abusing drugs to the one where they have to reform. With the change of environment, you will find that even recovering will be much faster. Get to know how safe the drug rehab center can be as well as the whole region around it as this is essential for your safety as well, avoid any places that are not very safe.

Before selecting any kind of drug rehab center, ensure that you have sat with some relevant people who can advise you accordingly on the best things to do before choosing any of the centers. If there are drug rehab centers that you want to select, start by finding the people that they have served before and then get to ask them what they felt while they were there. Here, you will get to hear the story of each person concerning their recovery journey at the drug rehab center and then make conclusions on your own. The one who will have received the best services and recovered faster could have been through the best drug rehab center.

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Importance of a Drug Treatment Center

It is the aim of everyone to ensure that they are healthy at all times. Being healthy implies that the body has all that it needs for it to conduct the activities that it has in the best way. This is all that we need for us to see to it that we are able to fully enhance our concentration in all the activities that we are able to conduct. We will, therefore, be able to enhance the best services that will aid to high-quality products. This is why we need to utilize all products that can positively influence our way of living. It is the best way for them to ensure that they are comfortable in all that they do. A huge population has been able to abuse drugs in the world today. This is something that leads to addiction, a situation that many are not able to get out off.

It is with this reason that many people have been able to make use of rehabilitation centres. It is in these centres that people are able to address their addiction issues. These centres have also been able to enhance many other benefits. This is the pace that offers us the best environment that we need for us to ensure that we are able to deal with our addiction easily. There are people that prefer conducting the rehabilitation activities as they continue with their normal activities. It is unfortunate that they are not successful as there are many things and situations that drive them back to the use of these drugs.

We are able to avoid such when we have these centres. The reason is that there are motivational messages everywhere to ensure that they encourage you in the best way. With the rehab centres that we have, people get the ability to ensure that they enjoy a better way of living. When people start taking these drugs, they are able to spend some amount of money in purchasing them. As we get more addicted, we are able to use more and more money. This implies that after a short period of time, people have to spend huge amounts of money on these drugs.

People are in a position to ensure that they avoid this when they make use of the drug treatment centres. They will access the help that they need for them to stop taking these drugs. It is the most effective way for us to see to it that we utilize the money that we would have spent on drugs in other productive ways. It is the best way for us to ensure that we are in a position to enjoy a better way of living.

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Factors to Consider When Choosing Home Safes

We have vital possessions that we would not like to lose in life. This might be because they are of a sentimental value and cannot be replaced. On the other hand, they may be valuable items that losing will bring higher losses. This also applies to properties that are sensitive to keep in the open like a title deed. To keep them safe from losing any, you have to think of buying a safe for your house.

Currently we have many houses that have a safe where they keep their delicate items like jewellery, cash and other documents. The process of buying a safe is not an easy one as it may seem, there are multiple factors that you need to pay attention to ensure you get the best which we will look at in this article. You need to begin by knowing the items that you want to keep safe be it cash, documents or jewellery at your home. There is a safe for each application that you can select from to choose the one that matches what you want to keep there.

Another thing to look at is the type of lock that the safe uses, there are many of them, for example, we have the key lock, electronic keypad or the fingerprint lock. This is due to the variance in the levels of security as the most secure one is the fingerprint lock that is difficult to manipulate. You as well have to work with you budget. The most secure safe will, of course, have a higher price. Cost of transporting the safe to your home need to be another guideline. You will get the best safe when the vendor offers to give you free transport.

Home safes all vary when it comes to where you will install it at tori home. You will choose between the wall and floor home safes depending on the times you will be accessing it. The one you install on the floor should be when you use it from time to time. You should look at the level of security of the safe, for instance, check whether it is fireproof. You have to know the danger you are protecting your items from to make a choice here.

For example, if you want to protect against theft, then get an impenetrable safe. You should get one that is made of strengthened steel if you want to avoid fire damage. Your decision ought to also follow the feature that the safe contains to make it easy for use. These, are like internal lighting, back up keys and alarm systems.

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Keeping Online Casinos Honest

Is gambling at online casinos safe? This question has been asked since the first online casino games were introduced onto the internet. Concern about the ethics of online gambling sites was first raised in the late 1990’s when several dishonest gambling sites created havoc in the industry. However, in recent years, organizations designed to regulate online casino operators have changed the face of internet gambling by providing guidelines for fair and impartial gaming.

While you will always find the odd internet gambling site that is less scrupulous than others, most internet casino operators offer safe and honest online gambling at licensed sites. Many of these are regularly monitored by a gaming regulatory body or a watchdog organization such as eCOGRA, which has revolutionized the industry for players.

Internet gaming fans can minimize their chances of falling victim to suspect gaming sites by limiting their gambling to eCOGRA member sites. Although online casinos are not obliged to become members, many believe it to be in their best interests to do so.

A casino online that is a member of a watchdog organization will usually display a seal or logo on its site in an attempt to increase a player’s sense of security. Players know that their site is committed to upholding the values advocated by groups such as eCOGRA and is serious about fair and professional gaming.

Thanks to the efforts of watchdog organizations, the casino online industry has been cleaned up. It is fair to say that secrets in the online gambling world do not usually remain secret for long and if a casino is suspected of cheating its customers, the majority of its customers will simply move on to another online casino. Gambling game forums provide a useful means of communication for many casino players. You can find out which casinos fail to pay out in a timely manner, which offer substandard online casino software and which offer less than adequate customer service simply by reading the latest postings at one of these sites.

Fortunately, the practice of cheating players has all but diminished since gambling online became more accessible and mainstream. However, it is still important to choose your casino wisely. Fairness and honesty are criteria you should always base your selection on. Researching the sites you frequent will help you to make informed choices and will ensure you and other casino players receive maximum protection. It will also help to keep the spotlight firmly on casino firms, which raises the professional image of the industry.

Word of mouth is the best way to find the best casinos. Check at online casino forums to find out which sites are the most popular and highly recommended. Speak to friends and colleagues about their favorite sites and follow up recommendations that you will find in online gaming magazines. Remember to check the licensing information of your site along with its eCOGRA membership. Your online gambling experiences should be fun and stress-free, giving you more reasons to focus on winning cash playing all your favorite games.

Relation – Magazines & Casinos

Casinos are attracting people towards gambling at a very fast rate & no doubt it is very entertaining. But not everyone is good at casino playing, so this is where the gaming magazines step in. There are various magazines today that are helping many people learn & get latest updates about casino gaming. The few titles & their contents are:

Card Player: Inside the Card Player magazine, you will find page after page of informative playing strategy & poker articles by some of the greatest poker players. In the game today section, you will know about the upcoming tournaments, as well as major poker tournament results.

Bluff: Experience the thrill of poker with Bluff Magazine.Bluff is the America’s #1 poker magazine. It covers topics including Player tips, tournament reviews, stories from the pros, and more. Bluff provides an entertaining yet an informative look into the hottest new craze sweeping the nation.

Casino Player: The Casino Player magazine is the #1 gaming magazine. It teaches the gaming customer how to play casino games better and longer as well as helps them enjoy the entire gaming experience with tips, strategies and gaming news from the best gaming writers in the nation.

All the above magazines are in a high demand as they provide a quality information on various topics. These magazines teach you how to play casino card games, how to play longer, they provide you with the tips, tricks & articles from the best poker players so that you can make your game play more interesting. In spite of all the above information, these magazines also provides you with the latest updates of the tournaments details & upcoming tournaments.

These magazines no doubt can help you a lot, after all, books are the best friends of all humans. As per the demand, these magazines are available easily but you still should look out for the best & cheap magazine subscriptions as the prices may vary from site to site. So, subscribe sensibly & get the best information.

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Benefits of Getting Services From the Best Italian Restaurants

Finding a good restaurant is always a great deal too many since they get a place where they can proceed to spend time with friends and even family as they get to enjoy the meals. When you want to get a good restaurant you need to be very wise and you can only be wise when you make sure to look at some aspects. You are always required to make sure that you consider the rating of their meals by their customers. You need to also visit their website and get an idea of what it is they prepare. Looking at the time they have been in the industry offering the service is recommended. You need to always make sure that you settle for the experts who have been offering services long enough. All you need to always keep in mind is that when you go to the best Italian restaurant, there is so much that you get to gain from it.

One needs to ensure that they get services from the best Italian restaurant for they are known to prepare the best dishes. The chefs in the restaurant know how to prepare the dishes. They have the skills and this is why they are good at it. When you make sure that you go there, you will enjoy the dishes, since they have the best recipes that they use as the guide when they are preparing the dishes. Always ensure that you go ahead and settle for them restaurants for there will be nothing that you will have to lose at any time. When you opt for them, you will realize that there are a variety of dishes that you get to enjoy. They do not limit their clients by preparing one meal. They ensure that they get to prepare as many meals as they can so that one can have the freedom and also a chance to eat what they prefer.

When you settle for the best Italian restaurant, you get to be at peace for you can trust their hygiene levels. They ensure that the restaurant is neatly kept so that the food can be prepared at a clean place. To make it even better, they always make sure that they go ahead and have the place well-arranged so that they can create space for every person who comes to enjoy the meal. This means that you can go as a group and you get to sit and enjoy the dishes. To make it even better, the rates of the dishes they prepare are very affordable. They always ensure that they charge for the dishes for what they are worth and this is always a good thing for many. Not to forget their good customer services. The professionals always ensure that they get to attend to you in the best ways. They are welcoming and most importantly they are very fast when it comes to serve you as their customer. Their main is to have you satisfied with all that they have to offer.