accounting concepts all type
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The following points highlight the ten major types of accounting concepts. The ten concepts are: 1. Business Entity Concept 2. Going Concern Concept 3. Money Measurement Concept (Monetary Expression) 4. Cost Concept 5. Accounting Period Concept 6. Dual Aspect Concept 7. Matching Concept 8. Realisation Concept 9. Balance Sheet Equation Concept 10. Verifiable and Objective Evidence Concept.
Accounting Concept Type # 1. Business Entity Concept:
Under this concept, it is assumed that the business unit is distinct and completely separate from its owners (including employees, officers, creditors and others who are associated with it).
For accounting purposes, the business enterprise exists in its own right.
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