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2 Oct 2009 ACCOUNTING CONCEPTS AND CONVENTIONS BY-: PRIYASH 0129618 NIKHIL 0129626.
(4) To ensure accounts are prepared according to some accepted accounting concepts and conventions. (5) To comply with the requirements of the Companies Act, Income Tax Act, etc. Definition of Bookkeeping. Bookkeeping may be defined as "the art of recording the business transactions in the books of accounts in a
In the previous lesson, you have studied the accounting concepts like business entity, money measurement, going concern, accounting period, cost, duality, realisation, accrual and matching. These concepts or assumptions or principles are working rules for all accounting activities. You may visit some business units.
certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records. In this lesson we shall learn about various accounting concepts, their meaning and significance. OBJECTIVES. After studying this lesson,
be prepared on uniform basis entire accounting is based on certain principles which are listed below:- Accounting Principles. Accounting Concepts. Accounting Conventions a). Entity concept a). Disclosure b). Dual aspect concept b). Materiality c). Going concern concept c). Consistency d). Money measurement concept d).
Accounting concepts and conventions. Accounting is the language of business and it is used to communicate financial information. In order for that information to make sense, accounting is based on 12 fundamental concepts. These fundamental concepts then form the basis for all of the Generally Accepted Accounting.
ACCOUNTING CONCEPTS and CONVENTIONS. Slide 1 Candy1 Fung Ka Pui, 8/9/2006. ‡ Accounting is a social science has its concepts and principles that used in applying the accounting cycle to achieve accounting functions and objectives. ACCOUNTING . BBA - Business Communication Lecture Notes eBook.pdf.
Accounting: Principles, concepts and conventions, double entry systems of accounting, introduction to basic books of accounts of sole proprietary concern, closing of books of accounts and preparation of trial balance. Final accounts, trading, Profit and Loss accounts and balance sheet of sole proprietary concern (without.
Accounting Concepts and Conventions. This Chapter Includes : Nature and Meaning of Accounting Principle; Essential. Features of Accounting Principles; Accounting Concepts; Going Concern Concept.. Marks of Short Notes, Distinguish Between, Descriptive & Practical Questions. SHORT NOTES. 2004 - June [8] Write
Accounting Concepts, Conventions,. Bases & Policies. • Concepts vs Conventions. Concepts are the basic ideas, the theories on how and why certain categories of transactions should be treated in a particular manner. Once the theories have been established and tested and proved to be acceptable, the task.
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