Unit_2_-_Accounting_Principles__3_

Unit Overview

This unit covers various key accounting principles and concepts that are fundamental to understanding and interpreting financial statements in an accurate manner. It is essential for students and professionals to familiarize themselves with these principles to make informed judgments about financial health and business performance.

Learning Outcomes

• Understand and differentiate between basic concepts of capital expenditure, revenue expenditure, capital receipts, and revenue receipts.

• Gain detailed knowledge of accounting principles and policies, focusing on their applications and real-world implications.

• Learn new accounting terminologies essential for effective communication in the field of accounting.

• Evaluate the accounting valuation principle, its relevance, and the significance of estimates in financial reporting.

• Define contingent assets and contingent liabilities, understanding their implications in accounting practices.