Question

Define Accounting. Explain the accounting concepts which guide the accountant at the
recording stage.

Answer 1

Accounting is the concept of  recording, classifying business transactions in a set of books,which are of financial character and interpreting the results thereof AICPA (American Institute Of Certified Public Accountants).
Accounting Concepts:
1) business entity concept
2) money measurement concept
3) dual-aspect concept
4) cost concept
5) going concern concept
6) matching concept
7) realization concept