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  • Accounting Principle: (1) Accounting Concept - (2) Accounting Convention - Accounting Concept

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    Ravi Singh Yadav
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    Accounting principles can be classified into concepts and conventions. Key concepts include the business entity concept which treats a business as separate from its owners, the money measurement concept which uses monetary units to measure accounting transactions, and the going concern concept which assumes a business will continue operating indefinitely.

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    Accounting principles can be classified into concepts and conventions. Key concepts include the business entity concept which treats a business as separate from its owners, the money measurement concept which uses monetary units to measure accounting transactions, and the going concern concept which assumes a business will continue operating indefinitely.

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    3 views1 page

    Accounting Principle: (1) Accounting Concept - (2) Accounting Convention - Accounting Concept

    Uploaded by

    Ravi Singh Yadav
    Accounting principles can be classified into concepts and conventions. Key concepts include the business entity concept which treats a business as separate from its owners, the money measurement concept which uses monetary units to measure accounting transactions, and the going concern concept which assumes a business will continue operating indefinitely.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    Accounting principle

    It can be classified into categories(1) Accounting concept(2) Accounting convention(1) Accounting concept (a) Business entity concept-This concept consider
    that a business is separate and distinct from those individuals who are managing it and the business is capable to generate sales, expenses and income by itself. (b) Money measurement concept- Money is the medium of exchange and the standard of economic value, as we measuring units like acre, kilometer, hours etc. same we have for the accounting I.E. money. All transaction are recorded in terms of money.

    (c) Going concern concept- The concept believes that the business will remain exist indefinite. It is not set up for few days monthly or yearly

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