Transcription of ACCOUNTING CONCEPTS - Sinhgad
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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.
ACCOUNTANCY MODULE - 1 Notes 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.
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