Answer Posted / prasanthi m

Some times Accounting is called as the language of
business, as normally a business house communicates with
the outside world thorough this. In order to make this
language easy and commonly understood by all, it is
necessary that it should be based on certain uniform
scientifically laid down standards. These standards are
termed as "Accounting Principles".

The Accounting Principles are classified into two
categories,
(1) Accounting Concepts and
(2) Accounting Conventions.

(1) Accounting Concepts:
(i) Business Entity Concept
(ii) Money Measurement Concept
(iii) Cost Concept
(iv) Going Concern Concept
(v) Dual Aspect Concept
(vi) Realisation Concept
(vii) Accrual Concept
(viii) Accounting Period Concept and
(ix) Revenue Match Concept

(2) Accounting Conventions:
(i) Consistency
(ii) Disclosure
(iii) Conservatism and
(iv) Materiality

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