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what is accounting concept? explian in brief?
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Answer / purnima
Accounting concepts are the base for accounting system as per accounting concepts we record the books of accounts
Example: 1. Going concern concept
2. Matching concept
3. Business entity concept
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / shilpa
accounting concepts are the assumptions. these assumptions are natural & not forced one which helps in recoding the business transactions.
accounting period concept
separate entity concept
money measurement concept
going concern concept
| Is This Answer Correct ? | 9 Yes | 0 No |
Accounting concepts are
1 Going concern concept
2 money measurement concept
3 Dual aspect concept
4 Business entity concept
5 matching concept
6 Accounting period concept
7 Realization concept
8 Materiality concept
9 accrual concept
10 cost concept these are the all accounting concepts
All these cocepts are used in accounts functioning
for reducing problems or mistakes in accounting these
concepts are made
Such as dual aspect concept means double entry has
transferred
Entity concept means transaction are transferred to
enterpeneurs A/C etc.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / naveen
1. Money measurement concept: Every accounting transaction
is major in terms of money.
2. Dual entity concept: As per this concept an accountant
assume that business & businessman are two different entities.
3. Going-concern concept: According to this assumption while
doing the accounting it is assumed that business will
continue for fairly longer period of time.
4. Cost concept: This concept is applicable only for fixed
assets accounting purpose it states that while computing the
cost of fixed assets all the incidental expenditure for the
acquisition of the assets should be added in cost fixed assets.
5. Dual-aspect concept: This is the fundamental accounting
assumption which state that every transaction has too folds
effect positive or negative in accounts it is dr. & cr.
6. Periodicity concept: Every accounting is divided in
smaller periods as per this concept.
7. Cost attach concept: While computing the revenue earned
by the organization all the incidental expenditures required
to earn such a revenue should be accounted for as per this
concept .
8. Accrual concept: As per l payment or receipts is irrelevant.
9. Legal aspect concept: When there is a conflict between
laws & accounting account should follow law procedthis
concept revenue or expenditure should be accounted for only
on the basis of the certainty of that revenue receives or
expenditure paid actuaures first.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / shravan
Accounting concepts are the base for accounting system as per accounting concepts we record the books of accounts
these are;
1.going concern concept.
2.dual account concept.
3. business entity.
4.separate account.
5.matching concept.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / krishnaveni
Accounting concepts are
1 Going concern concept
2 money measurement concept
3 Dual aspect concept
4 Business entity concept
5 matching concept
6 Accounting period concept
7 Realization concept
8 Materiality concept
9 accrual concept
10 cost concept these are the all accounting concepts
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / keerthi
ACCOUNTING CONCEPTS:
* BUSINESS ENTITY CONCEPT
* DUAL ASPECT CONCEPT
* ACCOUNTING PERIOD CONCEPT
* REVENUE MATCH CONCEPT
* GOING CONCERN CONCEPT
* COST CONCEPT
* MONEY MEASUREMENT CONCEPT
* REALIZATION CONCEPT
* RUPEE VALUE CONCEPT
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / srinivas.s
The necessary assumption in accounting are accounting
concepts.business Entity Concept,Going Concern consept,Dual
Aspect Concept are the few examples.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / govind
CONCEPTS ON WHICH BASIC ACCOUNTING IS DONE.
4 TYPES.
ACCURAL
MATCHING
REVENUE
DUAL.
| Is This Answer Correct ? | 0 Yes | 5 No |
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