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what are the concepts & conventions of accounting?
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Answer / k.usha kiran
concepts 8
1.accrual concept
2.accounting period concept
3.business entity concept
4.cost concept
5.dual aspect concept
6.money measuring concept
7.going concern concept
8.realisation or historical record concept
conventions:are 4
1.consistency
2.disclosure
3.meteriality
4.conservatism
| Is This Answer Correct ? | 18 Yes | 5 No |
Answer / satish and ramu
there are 4 main concepts.
business entity concept :it denotes owner is separate from
business.
money measurement concept: every transaction must have a in
money form.
going concern concept: the business will continue to
operate for as long as.
accounting period concept: this concepts shows profit and
loss a/c and balance sheet shoud be prepared at particular
accounting period.
| Is This Answer Correct ? | 14 Yes | 4 No |
Answer / g.d.anjaneyulu
Accounting concepts define the assumptions on the basis of
which financial statements of a business entity are
prepared. The following are the widely accepted accounting
concepts.
1. Entity concept.
2. Money measurement concept.
3. Periodicity concept. also called definite accounting
period.
4. Accrual concept.
5. Matching concept.
6. Going Concern concept.
7. Cost concept.
8. Realisation concept.
Accounting Conventions emerge out of accounting practices
commonly known as accounting principles, adopted by various
organizations over aperiod of time. The accountancy bodies
of the world may change any of the convention to improve
the quality of accounting information.
| Is This Answer Correct ? | 9 Yes | 0 No |
Answer / abhi3774
Accounting concepts are basic assumption the science of accounting is based.
concepts:
separate entity concept
going concern concept
money measurement concept
dual aspect concept
cost concept
retaliation concept
Accounting period concept.
Periodic matching cost and revenue concept
accounting conventions:
these are the traditions and customs, it will help to accountant while preparing financial statements honestly.
convention of consevatisiam
convention of fulldiscloser
convention of Materiality
convention of consistency
| Is This Answer Correct ? | 4 Yes | 1 No |
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DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in Haryana. The company’s sales in the year ending on 31st March 2007 were Rs.1000 million (Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of return of the company is 14 percent. The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30million per annum. The plant can be sold for Rs.55 million at the end of its economic life. The company would need to raise debt to the extent of Rs.200 million. The company has the following options of borrowing Rs.200 million: a. The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annual installment of interest and repayment of principal. b. A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: 1. Should the company expand its capacity? Show the computation of NPV 2. What is the annual installment of bank loan? 3. Calculate the quarterly installments of the Financial Institution loan 4. Should the company borrow from the bank or from the financial institution?
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