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Accounting Principles

  1. profile image53
    Cognition Houseposted 7 years ago

    It has already been stated in this blog that Accounting is the language of business through which economic information is communicate to all the parties concerned. In order to make this language easily understanding all over the world, it is necessary to frame or make certain uniform standards which are available universally.

    Accounting principles may be distinct as those regulations of exploit or conduct which are adopted by the accounts universally while accounting transactions. They are a body of doctrines commonly associated with the theory and procedures of accounting. They are serving as an explanation of current practices and as a guide for selection of convention or procedures where alternatives exist. These principles can be classified into two groups.

    1.    Accounting concepts
    2.    Accounting conventions

    Accounting Concepts:
    The term ‘concepts’ includes those basic assumptions or conditions on which the science of accounting is based. The following are the important accounting concepts:
    i.    Separate Entity Concept
    ii.    Going Concern Concept
    iii.    Money Measurement Concept
    iv.    Cost Concept
    v.    Dual Aspect Concept
    vi.    Accounting Period Concept
    vii.    Matching Concept
    viii.    Realisation Concept

    Accounting Conventions:
    The term ‘convention’ includes those customs or trading guide the accountant while communication the accounting information. The following are the important accounting conventions:
    i.    Convention of Conservatism
    ii.    Convention of full Disclosure
    iii.    Convention of Consistency
    iv.    Convention of Materiality

  2. goldenpath profile image73
    goldenpathposted 7 years ago

    Holy poopy!  Perhaps a clearer distinction need be made when formulating a new thread the difference between a thread and a hub.  Compilations like these with substance should be properly formatted into a hub.  Since this thread is many hours old I trust you've since corrected this and made a hub out of it.  Happy hubbing and forums - but not in the same breath. smile

  3. LeanMan profile image88
    LeanManposted 7 years ago


    Hardly a thread.... nothing to discuss other than the fact that you just proved that accounting is boring!!!!

  4. profile image0
    shreyasshrikantposted 2 years ago

    Nothing to discuss.

    1. FatFreddysCat profile image98
      FatFreddysCatposted 2 years agoin reply to this

      ....then why did you randomly bump a five year old (!!) forum thread??

      1. profile image0
        shreyasshrikantposted 2 years agoin reply to this

        I'm sorry sir.