This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities.

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

Explain the convention of consistency with the help of an example. 6. Explain the accounting convention of conservatism with example. 7. Explain the ...

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 ...

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

There are four fundamental accounting concepts, namely; The Going Concern concept, Accrual concept, Consistency concept and Prudence concept. There are, however ...

Duality concept: This is a basic concept in accounting which states that for every debit entry, there must be a corresponding credit entry and vice versa. This ...

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

These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. In this lesson we ...

This document discusses key accounting concepts and conventions. It outlines 10 accounting concepts: business entity, going concern, cost, dual aspect, money ...