what are accounting concepts?

Question Posted / guest

2 Answers
5108 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

what are accounting concepts?..

Answer / h.r. sreepada bhagi

While recording business transactions for the purpose of
preparing Income Statements & Balance at the end of the
year, certain fundamental assumptions are essential. These
assumptions are called 'Accounting Principles'. These
principles are dived in to 'Concepts' & Conventions - A few
example of these are - 1. Going Concern, 2. Accounting
Period, 3.Money Measurement, 4. Matching, 5. Materiality, 6.
Consistency, 7. Business Entity, etc. Sometimes, the terms
'Concepts' & Conventions are not distinguished.

For more information, read Accountancy with fundamental
principles or Book on Principles of Accounting. Since this
needs elaboration, my answer is not complete.

Is This Answer Correct ?

3 Yes

3 No

what are accounting concepts?..

Answer / kondalarao

accounting concepts are basic accounting assumptions.If an assumption is universally acceptable it will become a concept.

Is This Answer Correct ?

1 Yes

1 No

Post New Answer

More Accounting General Interview Questions

What would greater impact a firms valuation, a 10% reduction in revenues or 1% reduction in discount rate?

0 Answers UBS,

what are all the items comes under balancesheet(liability side & asset side) step by step.& also trading and p&l account. somany companies asking this type of question . please tell me...

7 Answers IBM, IBPS, Thomson Reuters,

what is turn over? what is vat? what should ido to become a expert in acount? plese ans me

0 Answers

what is the journal entry for bank reconciliation.

4 Answers Manisha Engimark,

Explain me your current/former role, your responsibilities, and how success is/was measured?

0 Answers

What is the formula for acid test ratio in accounting?

0 Answers

sir, i want t know, i got a cheque frm sindhu (that amount i gave her as rent advance, she is returning nw) bt the cheque has cancled and bank take cheque return charges so plz give this journal entries.

0 Answers

if I m taking a loan from bank of AED 20 lakhs @ 10.25% per annum for 10 years how much amount as intrest I need to pay in this 10 year period of time to bank.

0 Answers

goods with drawn by proprietor for household expenses

2 Answers Cap Gemini,

Example of deferred liability and asset?

2 Answers FIC,

what is prime cost &overhead cost

1 Answers ADP,

what is purchase consideration?

1 Answers

For more Accounting General Interview Questions Click Here