Interested to Buy Any Domain ? << Click Here >> for more details...
what is accounting concept? explian in brief?
- 9 Answers
- 20002 Views
- Capital IQ, Hero Honda, I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
What is deferred account?
what is the responsiblities for accounts manager?
Kindly define necessary ledger is to maintain in excise. Kindly define how we maintain P.L.A
Were i have to enter for agreements in tally and in which ledger it will come
What are the types of liabilities accounts?
what is cost center & cost categories in tally
I m entering much more than 500-700 sales vouchers per month. But I m getting a problem while entering sale voucher is that If I have entered a sale voucher in the middle of a date then the voucher no is being changed. So how can enter a sale voucher in the middle of a date so that i can adjust the voucher nos from changing.
Tell me do you have any professional experience of this field?
when dissoluction of firm why investment flchuationfund subtrect from book value
What will be a entry for TDS deducted on Salaries, Directors Remuneration and Rent.
What is the use of form D in sale tax
Define overhead in terms of accounting?
One Institute, after completion of course not issue any certificate to students, they issued certificate from other branded institute with cost (Kindly provide the term of this expenditure to appear in P&L a/c)
What is "deposit in transit"?
Please explain the difference between provision and reserve?
