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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