Interested to Buy Any Domain ? << Click Here >> for more details...
what is accounting concept? explian in brief?
- 9 Answers
- 20429 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 the difference of cost accounting and financial accounting?
What is a business transaction in accounting?
can we credit depreciation of the year to the general reserves in a balance sheet of that year? and also enlist some relevant documents or standards?
which subsidiary book is source of these:debit note,credit slip,
BRIEF IN DETAIL REGARDING RATIOS
Define scrap value in accounting?
what do you mean by Firm
saji become insolvant -what is journal entry
hi friends, i have simple doubt if we completed this financial year that is 2009-10 march. after that we will file it period of oct-2010.so from apr-2010 that is new f.y.what we take the opening balances without filing how can we know the exactly figures?
What is the double entry system explain its rules with examples?
consultancy charges receivable Rs 30000 from abc & co. tds receivable 3000
which report give the data of GL with materials details in sap?
Give Any three special cases of computation of capital Gain U/s 45(1A) to 45(6)?
WHAT IS ACCOUNTING HEAD FOR TRADE FINANCE? I HAVE PAID 49268 FOR TRADE FINANCE.WHERE SHOULD I TAKE IN TALLY
What would be the entry at the time of Generating Tution Fee Challan for Advance fees. (e.g In the Month of April, Fees of June and July in being asked to pay by school to their students?,
