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\author{yotka}
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  /Title (concepts-in-accounting.pdf)
  /Creator (Cheatography)
  /Author (yotka)
  /Subject (Concepts in Accounting Cheat Sheet)
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Concepts in Accounting Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{yotka} via \textcolor{DarkBackground}{\uline{cheatography.com/39104/cs/12199/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}yotka \\
  \uline{cheatography.com/yotka} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 2nd April, 2018.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Accounting Concepts}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{There are a number of conceptual issues that underly how accounting works: \newline % Row Count 2 (+ 2)
{\bf{Accruals concept}} : revenues recognized when earned, expenses recognized when assets are consumed. \newline % Row Count 5 (+ 3)
Auditors will only certify the financial statements of a business that have been prepared under the accruals concept. \newline % Row Count 8 (+ 3)
{\bf{Conservatism concept}}: revenues only recognized when there is a reasonable certainty that they will be realized, whereas expenses are recognized sooner, when there is a reasonable possibility that they will be incurred. \newline % Row Count 13 (+ 5)
{\bf{Consistency concept}}: once a business chooses to use a specific accounting method, it should continue using it on a go-forward basis. By doing so, the financial statements prepared in multiple periods can be reliably compared. \newline % Row Count 18 (+ 5)
{\bf{Economic entity concept}}: the transactions of a business are to be kept separate from those of its owners. \newline % Row Count 21 (+ 3)
{\bf{Going concern concept}}: financial statements are prepared on the assumption that the business will remain in operation in future periods. Under this assumption, revenue and expense recognition may be deferred to a future period, when the company is still operating. Otherwise, all expense recognition in particular would be accelerated into the current period. \newline % Row Count 29 (+ 8)
{\bf{Matching concept}}: the expenses related to revenue should be recognized in the same period in which the revenue was recognized.  \newline % Row Count 32 (+ 3)
} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Accounting Concepts (cont)}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{{\bf{Materiality concept}}: transactions should be recorded when not doing so might alter the decisions made by a reader of a company's financial statements. This tends to result in relatively small-size transactions being recorded, so that the financial statements comprehensively represent the financial results, financial position, and cash flows of a business.% Row Count 8 (+ 8)
} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{How Business Works}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{Owners contribute CAPITAL (called EQUITY) funding. The Business leverages that funding by borrowing funds from lenders. That creates businesses' LIABILITIES. With these two sources of funding, the business acquires ASSETS, whose primary purpose is to generate INCOME. But to do that, the business must destroy value as EXPENSES in order to generate INCOME. The surplus value accrues to the owners as PROFIT.% Row Count 9 (+ 9)
} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Fundamental Principles: {\bf{ P I P C O}}}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{{\bf{P}}rofessional behaviour} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Threats to F P : ~~A S S I F}}  \tn
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\mymulticolumn{2}{x{8.4cm}}{\bf\textcolor{white}{Accountants' personal and professional qualities}}  \tn
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{\bf{Personal}} & {\bf{Professional}} \tn 
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responsible & scepticism \tn 
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timeliness & accountability \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Conceptual Framawork}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{{\bf{GOING CONCERN}}:fundamental underlying assumption of finacial statements.} \tn 
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\mymulticolumn{1}{x{8.4cm}}{~~~\{\{fa-angle-double-right\}\}relevance} \tn 
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\mymulticolumn{1}{x{8.4cm}}{~~~\{\{fa-angle-double-right\}\}materiality} \tn 
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\mymulticolumn{1}{x{8.4cm}}{~~~\{\{fa-angle-double-right\}\}faithful representation} \tn 
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\mymulticolumn{1}{x{8.4cm}}{~~~\{\{fa-angle-double-right\}\}comparability} \tn 
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\mymulticolumn{1}{x{8.4cm}}{\bf\textcolor{white}{Professional Ethics}}  \tn
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\mymulticolumn{1}{x{8.4cm}}{Profession - occupation that requires extensive training. \newline Accountancy - high profile profession, acc's in position of trust and responsibility. \newline Code of conduct / Code of Ethics \newline rules based approach i.e. prescriptive approach to situations  \newline framework, principle-based approach - values and qualities to which members should aspire to}  \tn 
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\mymulticolumn{2}{x{8.4cm}}{\bf\textcolor{white}{Accounting bodies}}  \tn
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IFAC & International Federation of Accountants \tn 
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IESBA & International Ethics Standards Board \tn 
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\hhline{>{\arrayrulecolor{DarkBackground}}--}
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% That's all folks
\end{multicols*}

\end{document}