What are the accounting concepts? explain
Answers
Answered by
4
Answer:
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.
Answered by
5
Answer:
These basic accounting concepts are as follows: Accruals concept. Revenue is recognized when earned, and expenses and recognized when assets are consumed. ... Auditors will only certify the financial statements of a business that have been prepared under the Accruals concept. Conservatism concept.
Similar questions