Question

what do you understand by a accounting concepts? discuss the various accounting concepts

Answer 1

Poplar bark is a willow tree and can grow up to 30-45 meters tall. Große Auswahl. Direkt vom Hersteller.

Answer 2

Answer:

(1) Accounting Concepts or Assumptions : –

In order to make the accounting language convey the same meaning to all people and to make it more meaningful, most of the accountants have agreed on a number of concepts which are usually followed forpreparing the financial statements. These concepts provide a foundation for accounting process. No enterprise can prepare its financial statements without considering these basic concepts or assumptions. These concepts guide how transactions should be recorded and reported. Following may be treated as basic concepts or assumptions :-

As per Accounting Standard (AS-1),

It is issued by the Institute of Chartered Accountants of India, there are three fundamental accounting concepts or assumptions:

(1) Going Concern Concept

(2) Consistency Concept

(3) Accrual Concept

Other Accounting Concepts :

(4) Business Entity Concept

(5) Money Measurement Concept

(6) Accounting Period Concept

(7) Cost Concept or Historical Cost Concept

(8) Matching Concept

(9) Dual Aspect Concept

(10) Matching Concept

(11)Objectivity Concept.