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m the personal records of the owner.

2) D. Victor stated that the business entity concept holds that a business is a separate entity from its owner or owners, whatever the legal position of the enterprise may be. A business could take several forms, i.e. partnership, sole trader or corporation. These types of business have a certain legal status. For example, sole traders do not have a separate legal status, whereas a corporation has a separate legal status from the owner. That makes the corporation a separate legal entity

3) I.Horngren , Charles T. (1926) claims that the business entity concept is one of the most basic concept used in the preparation of financial statements is that of the accounting entity. It is defined as the entity for which accounting data is collected. An accounting entity is an organization , or a section of an organization that stands apart from other organizations and individuals as a separate economic unit for the purpose of some decision.

会计分期原则The Time Interval Concept

1) Frank Wood , (1967) states that the financial statements are prepared at regular intervals of one year.

2) Paul Kimmel, Shirley Carlon, Janice Loftus, Rosina Mladenovic, Donald E.Kieso, Jerry J.Weygandt, (2003) claims that the time interval states that the life of a business can be divided into artificial periods and that useful reports covering those periods can be prepared for business.All entities report at least annually.

3) Wolk, Harry I.; James L. Dodd and Michael G. Tearney (2004) claims that this concept defines a specific interval of time for which an entity's reports are prepared.  This can be a fiscal year (Mar 1 - Feb 28), natural year (Jan 1 - Dec 31), or any other meaningful period such as a quarter or a month.

关注假设Going Concern Assumption

1) I.Horngren , Charles T. (1926) claims that Going Concern is the usefulness of an information that includes the reporting of assets and the calculation of profits on the basis of cost involves making educated guesses about events that may happen a number of years hence. Under the going concern principle accountants assume that the business will continue operating for the foreseeable future.

2) Stephen C.Schaefer claims that the concept holds that the entity will remain in operation for the foreseeable future. Therefore, the relevant measure of the entity's assets is historical cost. If the entity were going out of business the relevant measure of its assets would be market value.

3) Paul Kimmel, Shirley Carlon, Janice Loftus, Rosina Mladenovic, Donald E.Kieso, Jerry J.Weygandt, (2003) claims the going concern principle states that the business will remain in operation for the foreseeable future. Of course many business do fail, but in general, it is reasonable to assume that the business will continue operating, Management must make an assessment of the validity of that going concern assumption when preparing financial statements in accordance with accounting standards.

Question 2

In accounting the historical cost concept states that every purchased item or assets are recorded at its original value or price at that specific time. Thus, if a company should sell its assets in the near future, it will be sold at the current price and not its historical price. For example,本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。