SAC1 and SAC2 please explain

[123456k]

i havent done accoutning units 1&2 :S. the two are a bit confusing. i hope some can explain and clarify it for me

[eeps]

SACs 1 & 2... as in the Cambridge ones?.. I didn't do Accounting 1/2 either and I coped this year.

If you mean the ones that I've uploaded, it's really on the first few chapters of your textbook. Recording transactions and bits of theory. What troubles are you having exactly?

[123456k]

oh im using the neville box one. um talking about statements of accounting concepts. there are like two of them. there use to be four

[eeps]

oh im using the neville box one. um talking about statements of accounting concepts. there are like two of them. there use to be four

Could you upload them or something?.. I need more specifics.

The "statement of accounting concepts" from what I know, is merely the Accounting principles and qualitative characteristics.

- FOR the characteristics, I remembered it by saying CURRY without the Y. Hence, Comparability - Understandability - Relevance and Reliability.

- FOR the principles, I did: MCG-HER-C. Hence, Monetary Unit - Conservatism - Going Concern - Historical Cost - Entity - Consistency and Reporting Period.

[123456k]

SAC1: definition of the reporting entity
the purpose of this statement is to define and explain the concept of a reporting entity and to establish the minimum required quality of reporting for such an entity

SAC2: objective of general purpose financial reporting
cêbs typing the statement lol

do you know what im talking about now?
the stuff you just mention follows after the topic of SAC1 and SAC2

[eeps]

SAC1: definition of the reporting entity
the purpose of this statement is to define and explain the concept of a reporting entity and to establish the minimum required quality of reporting for such an entity

SAC2: objective of general purpose financial reporting
cêbs typing the statement lol

do you know what im talking about now?
the stuff you just mention follows after the topic of SAC1 and SAC2

SAC 1: A reporting entity is defined as an entity in which it is reasonable to expect the existence of users who depend on general-purpose financial statements for information to enable them to make economic decisions.

SAC 2: The purpose of financial reporting is to provide business owners with financial information that will assist them in making decisions about the activities of their firm. It should help them to make more informed decisions, which will hopefully improve the performance of the firm and its chances of success.

[123456k]

ah ok. makes more sense now THANK YOU SO MUCH

[eeps]

ah ok. makes more sense now THANK YOU SO MUCH

No worries! =D

Good Luck!