Principles of morally right conduct in the accounting profession, emphasizing the need for accountants to act in the public interest while operating in a commercial environment.
Historical Cost Accounting is a system of accounting based primarily on the original costs incurred in a transaction. Often employed to enhance objectivity, ease of application, and audit verification.
Independence in accounting is a state of having no bias, neutrality, and being objective regarding the client or another party while executing the audit function. This ensures the integrity and objectivity of the audit process.
Objectivity in accounting aims to minimize subjective actions by preparers of accounts to ensure comparisons of financial statements across different companies are based on consistent principles.
