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.

Answer / kondalarao

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

what is the entry of arrears salary. but salary sheet is already finished.

1 Answers   Active Freight Services,

---

Distinguish between Profit and Loss Account and Profit and Loss Appropriation Account.

4 Answers   Genpact,

---

what is the meaning of revenue income and revenue expenditure

1 Answers  

---

how to prepare balance sheet

8 Answers   Genpact,

---

The jouranl entry of purchage of fixed assets are assents a/c dr. to cash/bank account why we not make journal entry for this is purchage a/c dr. to cash/bank .

9 Answers   Reliance,

---

why loose tools are not treated as current asset?

1 Answers  

---

what is the golden rules of accounting

9 Answers   TCS,

---

IS IT NECESSARY TO TRANSFER DATA FROM WTALLY9 TO EXCEL AND VISE VERSA?

3 Answers   Infosys,

---

journal entries for money received from RBI by the banks IN CASE OF INSUFFICIENCY

0 Answers  

---

Rent outstanding:2500

1 Answers  

---

what is the meaning of Cost center?

6 Answers  

---

What are the AP accounting entries for EXPENSE ITEM VS Inventory Item in oracle ERP

0 Answers   Cap Gemini,

---