1
The accounting principle of Conservatism states that
'Accountants use conservative methods. They account for the most-likely scenario .....'
Explain, please, what kind of scenario is 'the most-likely' scenario.
average (or most likely) case, not too optimistic
Continue the rule:
We use ‘_______' to talk about our own plans / intentions that we have already decided.
be going to
Say a promise you can give to your
1) manager
2) mom
3) colleague
We use the Future Simple to talk about promises, fears, threats.
I'll help you in a minute.
Continue the sentence:
IFRS specify in detail how companies must ....
... keep their records and report their expenses and income etc.
Give a formal equivalent to
1) about
2) Plus
3) put off
1) regarding, concerning
2) In addition, / Moreover,
3) postpone/ delay
Say about your decided plan for the evening.
be going to
I'm going to cook lasagna.
What does the principle of Business Entity say?
Every business is a separate entity. It is important that its records be kept separate from its owner's records.
Name the types of business
p____ps
s__le p____
c____ns
partnerships, sole proprietorships, corporations
Give a more informal equivalent to 'consider my proposition'
think about my proposition
What principle states that
'All records must be accurate and unbiased."
a) Conservatism
b) Relevance
c) Objectivity
c) Objectivity
unbiased = not influenced by personal opinion
Give a more informal equivalent to 'postpone'.
put off
Say about your future arrangement.
Present Continuous
I'm meeting a client tomorrow at 9.
Ask your partner about their arrangements for today/tomorrow.
Use Pr Continuous.
Are you having a call with a client tomorrow at 9?
Continue the sentence:
Another name for the Statement of Financial Position is ....
balance sheet
Ask your partner about their opinion on the future of accounting.
Use Future Simple
Will accounting process be fully digitalised in 10 years?