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Consistency Concept

An accounting concept that calls for establishing a level of conformity in all accounting treatment, methods, policies and procedures across...

Incidents

 Expenses that are incidental, i.e., minor. In connection with a service or an item, this refers to gratuities and other...

Incidentals

 Expenses that are incidental, i.e., minor. In connection with a service or an item, this refers to gratuities and other...

Incidental Expenses

 Expenses that are incidental, i.e., minor. In connection with a service or an item, this refers to gratuities and other...

Full Disclosure Principle

An accounting concept / accounting principle that requires adequate or complete disclosure of all significant (material) matters / issues/ events...

Full Disclosure Concept

An accounting concept / accounting principle that requires adequate or complete disclosure of all significant (material) matters / issues/ events...

Depreciable Asset

An asset that is subject to depreciation since its acquirement and over the course of its useful life. In this...

Revenue Recognition Concept

An accounting concept that implies that revenue is considered to be earned (realized) once goods or services are sold/ delivered...

BV

It stands for book value; broadly speaking, it refers to the historical cost of an entity's assets (total assets) minus...

Book Value

Broadly speaking, it refers to the historical cost of an entity's assets (total assets) minus its liabilities (total liabilities) (hence...