Accounting (AS)·Accounting principles · NSSCAS 1.2.1
Accounting principles 1: cost, money, entity, dual aspect, realisation
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Why can we trust a set of financial statements from a shop in Katutura as much as one from a company in Windhoek? Because every accountant follows the same agreed rules — the accounting principles. In this lesson you master the first five: historical cost, money measurement, business entity, dual aspect and realisation. Scenario questions on these principles appear in Paper 1 and Paper 2 every year — usually as 'name the principle and explain it' — so this is easy-mark territory once you know each rule cold.
What you'll learn in this lesson
By the end you should be able to (NSSCAS Accounting (AS) 1.2.1):
- identify the accounting principles: historical cost, money measurement, business entity, dual aspect, realisation
- explain and illustrate each of the accounting principles
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