My Blog

Objective of this blog content > To Teach about the  meaning and various  accounting principles >To Teach about meaning and various accounting concepts  > To Teach about  meaning and  various accounting conventions Meaning of Accounting Principles Accounting principles are a set of guidelines and rules issued by accounting standards like GAAP and IFRS for the companies to follow while presenting or recording financial transactions in the books of account. This enables companies to present a true and fair view of the financial statements.  Meaning of Accounting Concept A ccounting concepts refer to basic rules, assumptions, and principles which act as a primary  standard for recording business transactions and maintaining books of accounts. Different accounting Concepts The following are the different concepts to be studied : Business Entity Concept This concept assumes that the organization and business owners are two independent entities. Hen...