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

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 ...

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

2.1 INTRODUCTION. Accounting is often called the language of business because the purpose of accounting is to communicate or report the results of business ...

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

▸ Explain different accounting concepts and conventions. ➤ State the accounting equation. ➤ Differentiate major constituents of accounting equation (assets, ...

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

The accounting concepts are the rules that are applied in recording transactions and preparing the Trading and Profit and Loss account and the Balance sheet. 1.

Note: Concept of Accounting. Equation : Accounting equation is based on the dual aspect concept. Assets: These are the resources owned by the business.

Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts ...