accounting principles and concepts pdf

Nitro Reader 3 (3. All such concepts and conventions would be dealt with detail in subsequent lessons. These are also known as accounting standards. _��b�,֐˜��ǂb��Ŕ�h�� �v�u��tdưv=Uȟ�'��6���y�(|�Б2C�پ��8s���� o��lnT9r�p^(� e9�ធ!��-i�d˲�}�����Z89��윳m䉡�1��� $ÃE ?�o�^��[�驤���G67 |��"& <> Accounting Principles and Concepts Meaning and Scope of Accounting Accounting is the language of business. 1, O O 2. 2 ACCOUNTING CONCEPTS. Accounting Concepts •6. accountants to develop some principles, concepts and conventions which may be regarded as fundamentals of accounting. 108 0 obj 5. %���� 2017-02-16T10:39:35Z Accounting Principles and Concepts Meaning and Scope of Accounting 6. Accounting Concepts Accounting concepts include the assumptions and conditions on which the science of accounting is based. Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts. MODULE - 1 Basic Accounting Notes 17 Accounting Concepts ACCOUNTANCY In the previous lesson, you have studied the meaning and nature of business transactions and objectives of financial accounting Accounting principles and concepts pdf. •7. <. Nitro Reader 3 (3. 6. The different opinions between the accountants can be solved by referring this recognized set of standards is called Generally Accepted Accounting Principles … endobj They are several assumptions concerned with the recording of transactions in the books. stream 2017-02-16T10:39:32Z cost concept, dual aspect concept, accounting period concept, matching concept, realization concept and conventions of conservatism, disclosure, consistency, etc. $��%y���U$H1�9|�#)���z'��}�9�c�$�>BJ�"·� �ڤ�Zz��XptFP�:��%���M,����s�5�P���K�a�tm�؃;��\��ɇ� �nI!��(. ACCOUNTING PRINCIPLES AND CONCEPTS . Once the theories have been established and tested and proved to be acceptable, the task of the Conventions is to set out the limit of their applications. The most important is that the financial statements known as the final accounts must be drafted in the same way. The main objectives of Accounting is to safeguard the interests of the business, its proprietors and others connected with the business transactions. Accounting Principles Accounting Concepts and Conventions CHAPTER AT AGLANCE S. No. 5 0 obj Accounting Principles and Concepts . The accounting principles and concepts incorporated in this manual are based on the Proposed Audit and Accounting Guide "Audits of Providers of Health Care Services", March 15, 1988, … m��B����Z�$z*�6��)���mn�e!�6����֙m�m)�,�ɜ�mpM*�m�ۚ� ��)��t��2�r�I��6ff��� uuid:54354a44-b4fd-4f3b-ba56-b5801eb390bb %PDF-1.3 <> endstream •8. The need for generally accepted accounting principles arises from two reasons: 1) to be logical & consistent in recording the transaction 2) to conform to the established practices & procedures The International Accounting Standards Committee (IASC) as well as the … x��[o���Y����! The Accounting Principles . 109 0 obj This is so that there is a common format that all accounting users of information can understand. stream •9. Accounting Concepts, Conventions, Bases & Policies •Concepts vs Conventions Concepts are the basic ideas, the theories on how and why certain categories of transactions should be treated in a particular manner. Yani/KMKt Page 1 BASIC ACCOUNTING CONCEPTS AA015 2.1 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES This is an ongoing process, the accounting principles can change to reflect changes in the business environment and demands of the users. 5. ���Me����9o�&ݽ٦k��l�a-(s�d��ff�n�T)��_Ă����P�PD�����O*"*��_�b��{����̝MjjB��3�=�s�?���{�+�imc�_����`�ܼ����db�lKƧ���>b�嫃�ݽ��k7���X�;o�`��M�|l�c����>��γ����p9�76����d��'�e6_4��W�h^��_ݻ��'���������{���?x�'��������_��Ͼ�c���믿��|����������������������O}�����o������|�?�K���{���|���§��_{���ė^��7��~��q������q���������������������|��k�������_��_�����_�������+W�#�j^�f�РkSs�_�ԀT�;�&㚓A����d������#F��\��v���?�:�bS�]k���5�'XnB�uj����k��o;ہvD|�Oy�������tx8;�.��i�+���`���@O B�t�Lj�[�w� z�3�l?3 �|N�W9CQW��"�L޴.Щ�>[��Tx"�Fc1����:�b;h�@�{ʤ�[email protected] Dѧ�(�/4SUnɥ�OƘW?�-��85?��L���m�:�� 2017-02-16T10:39:35Z The accounting process records the economic events of an organization by making additions to and removals from specific classification groupings known as … Accounting principles and concepts pdf Topic Important Highlights 1. These concepts constitute the very basis of accounting … %PDF-1.4 5) Matching Concept – associating the cause and effect relationship of revenues and expenses. ACCOUNTANCY MODULE - 1 Notes Accounting Concepts Basic Accounting 18 The main objective is to maintain uniformity and consistency in accounting records. Accounting Principles, 13e by Jerry J. Weygandt (Author), Paul D. Kimmel (Author), Donald E. Kieso (Author) #Happy Learning! application/pdf Accrual Concept – similar to matching, period should be decided on the basis of accrual. Accounting Principles, 13e by Jerry J. Weygandt (Author), Paul D. Kimmel (Author), Donald E. Kieso (Author) #Happy Learning! Accounting Conventions Accounting conventions include the customs and traditions that assists the accountants in preparing accounting … %�쏢 Realisation Concept – revenue should be recognized “when it is earned”.

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