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Answer Posted / 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.
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