21-10-2014
Accounting concept:
- Separate entity concept
- Going concern concept
- Money measurement concept
- Cost concept
- Dual concept
- Accounting period concept
- Matching concept
- Realization concept
Separate concept: According to this concept owner is apart from the business.
Going corner concept: According to this concept we will be perform such step to promote the business that business will continue forever never stop.
Money measurement concept: According to this concept every event record having money value. In which we write total amounts and don’t numbers or unit.
Cost concept: According to this concept in which we record cost value of goods not market value.
Dual concept: According to this concept every transaction having two aspects.
Debut & Credit: According to this concept in accounting for every debut there is a credit.
Accounting period concept: According to this concept this is the time period about 1 year. In this time period we will record all the value of buys & sales classify it into summary & get the perfect value of profit or loss at the time period of aaccounting period.
Matching concept: According to this concept the time period of expenses should be match with revenue time period.
Realization concept: We record the exact time & date of the transaction.
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