What are Accounting Principles?
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- Principle 21 Of The Stockholm Declaration
- Celebrate Recovery's Eight Recovery Principles The Road to Recovery Based on the Beatitudes. Realize I’m not God; I admit that I am powerless to control my tendency to do the wrong thing and that my life is unmanageable.(Step 1) “Happy are those who know that they are spiritually poor.”.
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Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights;. Principle 2: make sure that they are not complicit in human rights abuses. Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.
Definition: Accounting principles are the building blocks for GAAP. All of the concepts and standards in GAAP can be traced back to the underlying accounting principles. Some accounting principles come from long-used accounting practices where as others come from ruling making bodies like the FASB.
It’s important to have a basic understanding of these main accounting principles as you learn accounting. This isn’t just memorizing some accounting information for a test and then forgetting it two days later. These principles show up all over the place in the study of accounting. Trust me. After you know the basic accounting principles, most accounting topics will make more sense. You will be able to reference these principles and reason your way through revenue, expense, and any other combination of problems later on in the study course.
List of 10 Basic Accounting Principles
Here’s a list of more than 5 basic accounting principles that make up GAAP in the United States. I wrote a short description for each as well as an explanation on how they relate to financial accounting.
- Historical Cost Principle
- Revenue Recognition Principle
- Matching Principle
- Full Disclosure Principle
- Cost Benefit Principle
- Conservatism Principle
- Consistency Principle
- Objectivity Principle
- Accrual Principle
- Economic Entity Principle
Historical Cost Principle
Historical Cost Principle – requires companies to record the purchase of goods, services, or capital assets at the price they paid for them. Assets are then remain on the balance sheet at their historical without being adjusted for fluctuations in market value.
Revenue Recognition Principle
Revenue Recognition Principle – requires companies to record revenue when it is earned instead of when it is collected. This accrual basis of accounting gives a more accurate picture of financial events during the period.
Matching Principle
Matching Principle – states that all expenses must be matched and recorded with their respective revenues in the period that they were incurred instead of when they are paid. This principle works with the revenue recognition principle ensuring all revenue and expenses are recorded on the accrual basis.
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Full Disclosure Principle
Full Disclosure Principle – requires that any knowledge that would materially affect a financial statement user’s decision about the company must be disclosed in the footnotes of the financial statements. This prevents companies from hiding material facts about accounting practices or known contingencies in the future.
Cost Benefit Principle
Cost Benefit Principle – limits the required amount of research and time to record or report financial information if the cost outweighs the benefit. Thus, if recording an immaterial event would cost the company a material amount of money, it should be forgone.
Conservatism Principle
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Conservatism Principle – accountants should always error on the most conservative side possible in any situation. This prevents accountants from over estimating future revenues and underestimated future expenses that could mislead financial statement users.
Objectivity Principle
Objectivity Principle – financial statements, accounting records, and financial information as a whole should be independent and free from bias. The financial statements are meant to convey the financial position of the company and not to persuade end users to take certain actions.
Consistency Principle
Consistency Principle – all accounting principles and assumptions should be applied consistently from one period to the next. This ensures that financial statements are comparable between periods and throughout the company’s history.
List of Key Accounting Assumptions
Here is a list of the key accounting assumptions that make up generally accepted accounting principles: Alien skin exposure x4 4 0 4 125 download free.
- Monetary Unit Assumption
- Periodicity Assumption
Monetary Unit Assumption
Monetary Unit Assumption – assumes that all financial transactions are recorded in a stable currency. This is essential for the usefulness of a financial report. Companies that record their financial activities in currencies experiencing hyper-inflation will distort the true financial picture of the company.
Periodicity Assumption
Periodicity Assumption – simply states that companies should be able to record their financial activities during a certain period of time. The standard time periods usually include a full year or quarter year.
Fundamental Accounting Concepts and Constraints
Here is a list of the four basic accounting concepts and constraints that make up the GAAP framework in the US.
- Business Entity Concept
- Going Concern Concept
- Materiality Concept
- Industry Practices Constraint
Business Entity Concept
Business Entity Concept – is the idea that the business and the owner of the business are separate entities and should be accounted for separately. This concept also applies to different businesses. Each business should account for its own transactions separately.
Going Concern Concept
Going Concern Concept – states that companies need to be treated as if they are going to continue to exist. This means that we must assume the company isn’t going to be dissolved or declare bankruptcy unless we have evidence to the contrary. Thus, we should assume that there will be another accounting period in the future. Fundy designer 1 7 9 – professional album design software.
Materiality Concept
Materiality Concept – anything that would change a financial statement user’s mind or decision about the company should be recorded or noted in the financial statements. If a business event occurred that is so insignificant that an investor or creditor wouldn’t care about it, the event need not be recorded.
Industry Practices Constraint
Industry Practices Constraint – some industries have unique aspects about their business operation that don’t conform to traditional accounting standards. Thus, companies in these industries are allowed to depart from GAAP for specific business events or transactions.
Why Are Accounting Principles Important?
Generally Accepted Accounting Principles are important because they set the rules for reporting and bookkeeping. These rules, often called the GAAP framework, maintain consistency in financial reporting from company to company across all industries.
Remember, the entire point of financial accounting is to provide useful information to financial statement users. Spillo 1 7 1. If everyone reported their financial information differently, it would be difficult to compare companies. Accounting principles set the rules for reporting financial information, so all companies can be compared uniformly.
What is the Purpose of Accounting Principles?
The purpose of accounting principles is to establish the framework for how financial accounting is recorded and reported on financial statements. When every company follows the same framework and rules, investors, creditors, and other financial statement users will have an easier time understanding the reports and making decisions based on them.
Contents
- 2 List of 10 Basic Accounting Principles
- 3 List of Key Accounting Assumptions
- 4 Fundamental Accounting Concepts and Constraints
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The Principle Six campaign, also Principle 6, or P6, was launched in January 2014 as an Olympic protests of Russian anti-gay laws in conjunction with the 2014 Olympics being held in Sochi, Russia. Principle 6 refers to the sixth principle of the Olympic Charter that says any form of discrimination “is incompatible with belonging to the Olympic Movement.”[1]
Any form of discrimination with regard to a country or a person on grounds of race, religion, politics, gender or otherwise is incompatible with belonging to the Olympic Movement.[2][3]
Human rights campaigner Peter Tatchell noted that openly gay and lesbian athletes are actively discriminated against in Russia as well as dozens of countries that criminalize same-sex relationships, or gay people generally on an institutional level.[4] 'These are clear breaches of the anti-discrimination Principle Six of the Olympic Charter. Yet the International Olympic Committee has said and done nothing. It is allowing the Russian government to ban the Pride House and discriminate against lesbian, gay, bisexual, and transgender (LGBT) athletes and spectators.'[4]
The Principle Six campaign was put together by All Out, a social media organizing advocacy group with 1.9 million members come from every country in the world, and Athlete Ally, an organization working to end homophobia and transphobia in sports by reaching out to athletic communities.[5]American Apparel partnered with the two groups to produce and distribute Principle 6 gear online and in their stores globally
Background[edit]
Olympic protests of Russian anti-gay laws arose in the months leading up to the 2014 Winter Olympics in Sochi, Russia. Scheduled to take place from 6 to 23 February 2014, the Olympic Games is a major international multi-sport event that occurs once every four years. Up to that time that atmosphere in future and politics for lesbian, gay, bisexual, and transgender (LGBT) people has been generally improving. In 2013 Russia received criticism from around the world and across the international community for enacting a law that bans the distribution of 'propaganda of non-traditional sexual relations' to minors.[6] Since the passage of the anti-gay propaganda law, the media has reported the arrest of a gay rights activist[7] as well as a surging incidence of hate crimes motivated by homophobia,[8][9] including hate crimes perpetrated by neo-Nazi groups against gay minors.[10][11] A law prohibiting gay pride parades in Moscow for one-hundred years has also recently been enacted.[12]
International pressure was leveraged to compel the IOC to move the Olympics to another country, as well as pressure on Olympic sponsors to take a stand for LGBT equality. In tandem, calls to boycott and protest the Olympics before, during, and after the games, also went out, with various organizations and groups organizing efforts. In addition several politicians, including U.S. President Barack Obama, and members of his administration, and other world leaders have publicly stated they would not attend, and these actions have been tied to the protest efforts. In the U.S., the Olympic delegation is made up of several LGBT Olympians, and athletes including Brian Boitano, and Martina Navratilova.
In response to protest and boycott efforts, corporations and the IOC have made steps to guarantee the safety of their employees, athletes, and staff, who are in Russia in advance or during the Olympics.
On-site ambassadors in Sochi, Russia[edit]
Athletes expected to attend and compete at the Sochi Winter Olympic Games
- Australian snowboarder Belle Brockhoff[13][14]
- Australian bobsled team captain Heath Spence[14]
- Canadian alpine skier Mike Janyk[14]
- Canadian snowboarder Alex Duckworth[15]
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Olympic athlete co-signers[edit]
- four-time Olympic gold medal diver Greg Louganis[16]
- four-time Olympic luger and International Sports Law expert Cameron Myler
- two-time Olympic middle-distance runner Nick Symmonds[17]
- Australian tennis player and four-time Olympian Rennae Stubbs
- ParaPan Am gold medalist archer Lee Ford
- figure skater Mark Janoschak
- gold medalist and soccer player Megan Rapinoe[15]
- gold medalist and soccer player Lori Lindsey
- soccer player Hedvig Lindahl
- soccer player Sally Shipard
- soccer player Robbie Rogers[16]
- soccer player Chris Seitz
- two-time gold medalist rower Caryn Davies
- Irish Olympic runner Ciarán Ó Lionáird
- former Soviet archer Khatuna Lorig
- U.S. basketball star Teresa Edwards
- U.S. swimmer Dan Veatch
- U.S. Paralympian Tanner Gers
- Paralympic bronze medalist Lindsey Carmichael
- wrestler Ben Provisor
- Ice Hockey player Caitlin Cahow[18]
- tennis star Martina Navratilova[16]
- tennis star Andy Roddick[16]
- tennis star Mardy Fish
- Australian bobsledder Jana Pittman[19]
- tennis star James Blake
- rower Esther Lofgren[15]
- Paralympic Australian basketball player Sarah Stewart
- Australian Olympic trampoline silver medalist Ji Wallace
- Swiss snowboarder Simona Meiler
- American fencer Race Imboden
- U.S. diver David Pichler
- U.S. snowboarder Callan Chythlook-Sifsof
- U.S. snowboarder Seth Wescott[16]
- Canadian speed skater Anastasia Bucsis
- German bronze medal fencer Joerg Fiedler
- U.S. Paralympic tennis player Sharon Kelleher
- U.S. speed skater and silver medalist Miriam Rothstein
- German silver medal fencer Imke Duplitzer
- U.S. beach volleyball player Jen Kessey
- Canadian biathlete Rosanna Crawford[16]
Professional athlete co-signers[edit]
Principle 2 1 6 Cylinder
- NFL star Chris Kluwe[15]
- NFL star Brendon Ayanbadejo[15]
- NFL star Scott Fujita[15]
- NFL star Donté Stallworth[15]
- Tennis star Martina Navratilova
- Tennis star Andy Roddick
- Tennis star James Blake
- Tennis star Mardy Fish
- MLS player Stephen McCarthy
- MLS player Robbie Rogers
- NBA player Steve Nash[15]
- NBA player Jason Collins[15]
- WNBA player Teresa Edwards
- WNBA player Kristi Toliver
- Rugby player David Pocock
- Race car driver Leilani Munter
- Australian national soccer team player Michelle Heyman
- Australian national soccer team player Lydia Williams
- Endurance swimmer Diana Nyad[15]
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References[edit]
Principle 2 1 6 Equals
- ^Sochi Olympics Surrounded By Turmoil
- ^Nesting-doll set to raise awareness of Russian LGBT controversy
- ^Olympic Charter
- ^ abComment: ‘The Sochi games will go down in history as the anti-gay Olympics’
- ^Russian anti-gay gang violence seen for the first time on camera: Forthcoming C4 documentary reveals disturbing methods used by homophobic groups as Olympics near
- ^Elder, Miriam (11 June 2013). 'Russia passes law banning gay 'propaganda''. The Guardian.
- ^'Arrested By His Parents, Gay Russian Activist To Be First Person Convicted Under Propaganda Law'. Queerty. 4 September 2013. Retrieved 24 September 2013.
- ^Luhn, Alec (1 September 2013). 'Russian anti-gay law prompts rise in homophobic violence'. The Guardian.
- ^Weaver, Courtney (16 August 2013). 'Russia gay propaganda law fuels homophobic attacks'. Financial Times.
- ^'Russian Neo-Nazis Allegedly Lure, Torture Gay Teens With Online Dating Scam'. Huffington Post. 7 August 2013.
- ^'Gay teenager kidnapped and tortured by Russian homophobes claimed to have died from injuries'. Pink News. 6 August 2013. Retrieved 24 September 2013.
- ^'BBC News - Gay parades banned in Moscow for 100 years'. Bbc.co.uk. 17 August 2012. Retrieved 7 November 2013.
- ^AUSSIE ATHLETES ADD THEIR VOICE TO RUSSIA PROTESTArchived 2014-07-24 at the Wayback Machine
- ^ abcAussie athletes urge Russia reconsider anti-gay laws
- ^ abcdefghijNick Symmonds, Megan Rapinoe Among 52 Olympians Protesting Putin’s Anti-Gay Laws
- ^ abcdefHere Are The 52 Olympians Pushing For Repeal Of Russia’s Anti-Gay Laws
- ^52 Olympic Athletes Urge Russia to Repeal Anti-Gay Law
- ^Winter Olympics 2014: more than 50 Olympians join campaign urging Russia to repeal its anti-gay laws: Current and former Olympic stars have signed up to the ‘Principle 6’ campaign, which aims to put pressure on the International Olympic Committee and its sponsors to act over legislation forbidding ‘gay propaganda’
- ^Russian roulette at Sochi Games as Vladimir Putin steps up hyperbole
Principle 21 Of The Stockholm Declaration
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