Maharashtra State BoardHSC Arts (English Medium) 11th

Accounting Concepts, Conventions and Principles

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1. Meaning of Accounting concepts

2. Importance of Accounting concepts

  • Reliable financial statements.
  • Uniformity in presentation.
  • Generally acceptable basis of measurement.
  • Proper information to all.
  • Valid and appropriate assumptions

3. Importance concepts

  • Business Entity
  • Money Measurement
  • Cost Concept
  • Consistency Concept
  • Conservatism
  • Going Concern
  • Realization
  • Accrual
  • Dual Aspect
  • Disclosure
  • Materiality
  • Matching Concept
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