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