Lecture Accounting for Business – A non-accountant’s guide (2/e) - Chapter 4: Limitations of accounting

Lecture Accounting for Business – A non-accountant’s guide (2/e) - Chapter 4: Limitations of accounting. After you have mastered the material in this chapter, you will be able to: Explain the term ‘generally accepted accounting principles’; explain the effects of the following accounting principles on the measurement of assets, revenues and expenses: historical cost, monetary unit, going concern, accounting period, conservatism.