The main or core accounting concepts that should be applied or assumed in the preparation of financial statements as set out by the accounting framework are the:
- Accruals concept
- Going concern concept
Accruals Concept
The accruals concept is used in preparing financial statements such as the profit and loss account and the balance sheet. The accruals concept dictates that income or revenues should be recognised in the accounts when they are earned and not when cash is received. If a business makes a sale on the last trading day of the financial year, that revenue should be recognised in the year the sale takes place and not in a future year when the cash is received.
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