1. Business entity concept: Business is different from owner Eg: drawjng a/c, capital a/c 2. Going concern concept: No end for business 3. Money measurement concept: Only money involved transaction are recored 4. Dual aspect concept: For every debit there is equal and corresponding credit 5. Accounting period concept: 1st april to 31st march 6. Cost concept Assets are recored at price paid to acquire team. 7. Realisation concept: Revenue considered as earned on date when it is realised. 8.accural concept: Only accured income and expenses are recorded 9. Matching concept: Matching of cost with revenue to find out the current year profit. 10. Objective evidence concept: Maintenance of bill or receipt as evidence 1. Full disclosure: No hiding in any disclosure 2.consistency : It helps to prevent comparability and reliability of finacial statement 3. Materiality: Relative importance eg: genera expense: water bottle + snacks 4. Conservatism Creating provision.
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It's really so useful mam👍👍 tq so much mam
Notes open avamatingidhu mam 😭
@@nishanthibai1660ama😢
1. Business entity concept:
Business is different from owner
Eg: drawjng a/c, capital a/c
2. Going concern concept:
No end for business
3. Money measurement concept:
Only money involved transaction are recored
4. Dual aspect concept:
For every debit there is equal and corresponding credit
5. Accounting period concept:
1st april to 31st march
6. Cost concept
Assets are recored at price paid to acquire team.
7. Realisation concept:
Revenue considered as earned on date when it is realised.
8.accural concept:
Only accured income and expenses are recorded
9. Matching concept:
Matching of cost with revenue to find out the current year profit.
10. Objective evidence concept:
Maintenance of bill or receipt as evidence
1. Full disclosure:
No hiding in any disclosure
2.consistency :
It helps to prevent comparability and reliability of finacial statement
3. Materiality:
Relative importance eg: genera expense: water bottle + snacks
4. Conservatism
Creating provision.
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