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

Accounting concepts refer to the basic assumptions, rules and principles which work as the basis for recording of business transactions and preparing accounts.

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.

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

The terms “asset” and “liability” also have formal definitions. An asset can be defined as a probable future economic benefit that is owned or controlled.

Introduction to accounting Accounting can be described as the systematic recording, reporting and analysis of financial transactions of an entity in accordance ...

Generally Accepted Accounting Principles (GAAP) are basic accounting principles and guidelines which provide the framework for more detailed and comprehensive ...

SECTION - A: FUNDAMENTALS OF FINANCIAL ACCOUNTING. Study Note 1 : Accounting Basics. 1.1. Accounting Principles, Concepts and Conventions. 1. 1.2. Capital and ...

UNIT-1. Concept of Accounting. Definition of Accounting. Definition by the American Institute of Certified Public Accountants (Year 1961):.

This document discusses key accounting concepts and principles, including: - The business entity principle which treats a business as separate from its owners.