Question

Briefly explain the accounting concepls ​

Answer 1

Explanation:

Accounting concepts are postulates, assumptions or conditions upon which accounting records and statement are based. The various accounting concepts are as follows: 1. Entity Concept: For accounting purpose the “business” is treated as a separate entity from the proprietor(s).

Answer 2

Answer:

Accounting concepts are postulates, assumptions or conditions upon which accounting records and statement are based. The various accounting concepts are as follows:

1. Dual Aspect Concept:

As per this concept, every business transaction has a dual affect.

2. Going Business Concept:

It is assumed that the business concern will continue for a fairly long time, unless and until has entered into a state of liquidation.