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ACCOUNTING CONCEPTS - Sinhgad

MODULE - 1 Basic AccountingNotes 17 ACCOUNTING ConceptsACCOUNTANCYIn the previous lesson, you have studied the meaning and nature of businesstransactions and objectives of financial ACCOUNTING . In order to maintainuniformity and consistency in preparing and maintaining books of accounts,certain rules or principles have been evolved. These rules/principles areclassified as CONCEPTS and conventions. These are foundations of preparingand maintaining ACCOUNTING records. In this lesson we shall learn aboutvarious ACCOUNTING CONCEPTS , their meaning and studying this lesson, you will be able to :lexplain the term ACCOUNTING concept ;lexplain the meaning and significance of various ACCOUNTING CONCEPTS : Business Entity, Money Measurement, Going Concern, AccountingPeriod, Cost concept , Duality Aspect concept , Realisation concept ,Accrual concept and Matching MEANING AND BUSINESS ENTITY CONCEPTLet us take an example.

Accounting Concepts Basic Accounting 20 Rs.100000, Rent Paid Rs.10000 etc. are expressed in terms of money, and so they are recorded in the books of accounts. But the transactions which cannot be expressed in monetary terms are not recorded in the books of accounts. For example, sincerity, loyality, honesty of employees are not

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