Financial Services - Accounting

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Accounting Unit

Last updated 12:05 AM on 7/24/26
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5 Terms

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What is GAAP

The Generally Accepted Accounting Principles are a set out accounting principles, standards, and procedures that are widely used across Australia.

2
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How many Concepts are there?

There are 10 Concepts, broken up into 6 Conventions and 4 Doctrines

3
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What are the six Accounting Conventions?

Accounting Entity, Accounting Period, Going Concern, Historical Cost, Monetary, and Recognition of Law

4
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What are the four Doctrines?

Disclosure, Consistency, Materiality, and Conservatism

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What does AASB stand for?

Australian Accounting Standards Board