Basics
Convention of Consistency
To compare the results of different years, it is necessary that accounting rules, principles, conventions and accounting concepts…
August 16, 2021 · Boomi NathanBasics
Basics
Objective Evidence Concept
According to the Objective Evidence concept, every financial entry should be supported by some objective evidence. Purchase should…
August 16, 2021 · Boomi NathanBasics
Accrual Concept
As stated above in the matching concept, the revenue generated in the accounting period is considered and the…
August 16, 2021 · Boomi NathanBasics
Matching Concept
Matching concept is based on the accounting period concept. The expenditures of a firm for a particular accounting…
August 16, 2021 · Boomi NathanBasics
Accounting Period Concept
The life of a business unit is indefinite as per the going concern concept. To determine the profit…
August 16, 2021 · Boomi NathanBasics
Dual Aspect Concept
There must be a double entry to complete any financial transaction, means debit should be always equal to…
August 16, 2021 · Boomi NathanBasics
Cost Concept
It is a very important concept based on the Going Concern Concept. We book the value of assets…
August 16, 2021 · Boomi NathanBasics
Going Concern Concept
Our accounting is based on the assumption that a business unit is a going concern. We record all…
August 16, 2021 · Boomi NathanBasics
Money Measurement Concept
According to this concept, “we can book only those transactions in our accounting record which can be measured…
August 16, 2021 · Boomi NathanBasics
Business Entity Concept
According to this concept, the business and the owner of the business are two different entities. In other…
August 16, 2021 · Boomi Nathan