Accounting Concepts:

Concept: It’s a basic assumption or

conditions upon which the science of
accounting is based.

1) Business Entity Concept:

2) Money Measurement Concept:
3) Going Concern Concept:

4) Cost Concept:

5) Dual Aspect Concept:

6) Accounting Period Concept:

7) Matching Concept:

8) Historical Concept:

9) Accrual Concept:
 Double Entry System:

That every Business transaction has two Aspects

that is When we receive something and when we
give something else in return. This method of
writing every transaction in two aspects is known
as Double entry System of Accounting.
 Accounting Conventions:
The Term ‘Convention’ denotes customs or
traditions Which guide the Accountant while
preparing the financial Statements.

1) Convention of Consistency
2) Convention of Full Disclosure
3) Convention of Conservatism
4) Convention of Materiality.