Question

Describe the main concept of accounting?​

Answer 1

These basic accounting concepts are as follows: Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. ... Economic entity concept. The transactions of a business are to be kept separate from those of its owners

Answer 2

Accounting concept are basic assumptions nd rules and which work as the basis of recording of business transactions and preparing accounts. This concept assumes that for accounting purposes ,the business enterprise nd its owners are seperate independent entities