Page 1. Accounting concepts and conventions. Page 2. ACCOUNTING CONCEPTS. ▷ Business entity concept. ▷ Money measurement concept. ▷ Going concern concept.

Following are the accounting concepts :- 1] ENTITY CONCEPT :- For accounting purposes the "business" is treated as a separate entity from the proprietor. (s).

In accounting, there are many conventions or practices which are used while recording the transactions in the books of accounts. In this lesson you will learn ...

The accounting principles broadly classified into two categories namely accounting concepts and accounting conventions. The term concept is used to cannot.

Accounting concepts and conventions. Accounting is the language of business and it is used to communicate financial information.

Accounting Conventions: are practices adopted and accepted for use by accountants overtime which have become part and parcel of the accounting system.

Accounting Period Concept – pre-determined periodicity generally an year. • 5. Cost Concept – an asset's cost is the basis of all subsequent accounting. Page 4 ...

2.1 ACCOUNTING CONCEPTS: These are particular statements of accounting theory. They are rules adopted as guides to action which rest on general acceptance. It ...

31 мар. 2024 г. · The document discusses key accounting concepts and conventions. The concepts include business entity, money measurement, going concern, ...

This document discusses accounting concepts, principles, and conventions. It explains that accounting concepts define the assumptions used to prepare financial ...