Going concern concept: The financial statements of a business are prepared with the assumption that the business will continue operating in the foreseeable future.GAAP is guided by ten key tenets and is a rules-based set of. must follow GAAP when their accountants compile their financial statements. Example: Land and buildings purchased for R500 000 will be entered at that amount in the books, even if the business can sell it for a lot more after a couple of years. Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Historical cost concept: Assets should be entered at its historical cost this is the amount that was originally paid for them.Example: The business has its own bank account and the owners each have their own bank accounts. Entity rule: The financial affairs of the owners should be kept separate from those of the business – they are separate entities.Grade 11 June 2023 Past Papers and Memos.2023 September Question Papers and Memos.Grade 12 March 2023 Question Papers and Memos.Central University Of Technology Courses.Sefako Makgatho Health Sciences University.Logistics and Supply Chain Management Courses.Engineering Graphics and Design Grade 10.Computer Applications Technology CAT Grade 10 Controlled Tests and Exam Question Papers, Notes, and Study Guides: 2023, 2022, 2021, 2020.Afrikaans HT ET Grade 10 Controlled Tests and Exam Question Papers, Notes, and Study Guides: 2023, 2022, 2021, 2020.Agricultural Management Practices Grade 10.N1 Question Papers and Memorandums with Study Guides.N2 Question Papers and Memorandums with Study Guides.N3 Question Papers and Memorandums with Study Guides.N4 Question Papers and Memorandums with Study Guides.N5 Question Papers and Memorandums with Study Guides.N6 Question Papers and Memorandums with Study Guides.
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