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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.

l On the basis of this concept, depreciation is charged on the fixed asset. l It is of great help to the investors, because, it assures them that they will continue to get income on their investments.

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