Question

What are accounting concepts? Name them and explain in details​

Answer 1

Accounting concept refers to the basic assumptions and rules and

principles which work as the basis of recording of business transactions

and preparing accounts. The main objective is to maintain uniformity and consistency in accounting

records. These concepts constitute the very basis of accounting. All the

concepts have been developed over the years from experience and thus they

are universally accepted rules. Following are the various accounting

concepts that have been discussed in the following sections :

1. l Business entity concept
2. l Money measurement concept
3. l Going concern concept
4. l Accounting period concept
5. l Accounting cost concept
6. l Duality aspect concept
7. l Realisation concept
8. l Accrual concept
9. l Matching concept