Unit-1 Basic Concepts Of Accounting

In this unit we intend to have an overview of Accounting and discuss its nature, scope and importance.

Briefly explain the accounting concepts which guide the accountant at the recording stage?

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Learning Pundits Content Team

Written on Apr 16, 2019 12:16:42 PM

The concepts which guide us in identifying, measuring and recording the transactions are :

  1. Business Entity Concept
  2. Money Measurement Concept
  3. Objective Evidence Concept
  4. Historical Record Concept
  5. Cost Concept
  6. Dual Aspect Concept