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Question
Name the basic principles of accounting.
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Solution
The basic principles of accounting are given below.
- The Business Entity Concept
- The Going Concern Concept
- Money Measurement Concept
- Accounting Period Concept
- The Matching Principle
- The Dual Aspect Principle
- The Complete Disclosure Principle
- The Revenue Principle
- The Expense Principle
- The Realisation Principle
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RELATED QUESTIONS
What does GAAP stand for in Accounting?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
What is business entity concept of accounting?
Explain 'Matching Concept' of GAAP.
"The capital provided by the owner is treated as a liability of the firm." Explain the concept on which the above depends.
Explain The Dual Aspect Principle.
Explain the complete disclosure principle.
Explain the realisation principle.
