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Accounting concepts
Certain fundamentals on which accounting is based on are known as accounting concepts or accounting principles. Some of them are as follows: 1. Entity concept 2. Going concern …
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Aug 20, 2019 · Types of Accounting Concepts. There are nine types of accounting concepts which are as follows: Business Entity Concept; Money Measurement Concept; Dual Aspect …
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Feb 15, 2022 · Accounting concepts are basic assumptions on the basis of which financial statements of a business are prepared. Accounting assumptions are broad concepts that …
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The Accounting Concepts . The accounting concepts are the rules that are applied in recording transactions and preparing the Trading and Profit and Loss account and the Balance sheet. 1. …
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6] Dual Aspect Concept. This concept is the basic principle of accounting, it is the heart and soul. It basically is one of the golden rules of accounting – for every credit, there must be a …
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Mar 22, 2021 · The concept of "materiality" is an important issue for auditors of financial accounts. Accounting Concepts. Four important accounting concepts underpin the preparation …
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The following are the important accounting concepts: (1) Entity Concept; (2) Dual Aspect Concept; (3) Accounting Period Concept; (4) Going Concern Concept; (5) Cost Concept; (6) …
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Jan 22, 2018 · The concepts of accounting are as follows: ACCRUAL CONCEPT This concept basically deals or mentions when to record a transaction. Under accrual concept while book …
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