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Accounting nios 2
- 2. ACCOUNTING CONCEPTS
What are Accounting concepts?
Main Accounting concepts
1. Business Entity Concept
2. Money Measurement Concept
3. Going Concern Concept
4. Dual Aspect Concept
- 4. MONEY MEASUREMENT CONCEPT
Expressed in terms of money (raw materials, rent)
Sincerity, Loyalty and reputation cannot be included.
- 5. GOING CONCERN CONCEPT
Assumption that an entity will remain in business for the
foreseeable future.
Fixed Asset, Expenses
Depreciation
- 6. DUAL ASPECT CONCEPT
Foundation of basic principle of accounting
Every transaction has dual effect
Assets = Liabilities + Capital