Accounting is the analysis of the financial transactions within a business.

The basic accounting

principles focus on the investment of capital, different types of ownership and the creation of a
balance sheet. Intermediate accounting elaborates on these basic ideas and introduces new
concepts. We would already have an understanding of basic accounting before learning about
intermediate accounting.
In beginning Intermidiate accounting, we are introduced to the conceptual framework includes
basic object, fundamental concept and recognition and measurement concept. We are learned
the general assumption of accounting includes economic entity assumption, going concern,
monitory unit and periodicity. Also there have some basic principles as measurement principles,
revenue recognition, expense recognition and full disclose.