Posted infinancial statements
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Matching Concept
Matching concept is based on the accounting period concept. The expenditures of a firm for…
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Accounting Period Concept
The life of a business unit is indefinite as per the going concern concept. To…
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Dual Aspect Concept
There must be a double entry to complete any financial transaction, means debit should be…
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Cost Concept
It is a very important concept based on the Going Concern Concept. We book the…
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Going Concern Concept
Our accounting is based on the assumption that a business unit is a going concern.…
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Money Measurement Concept
According to this concept, “we can book only those transactions in our accounting record which…
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Business Entity Concept
According to this concept, the business and the owner of the business are two different…
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Accounting – Process
Accounting cycle refers to the specific tasks involved in completing an accounting process. The length…
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Objectives and Scope of Accounting
Let us go through the main objectives of Accounting: ● To keep systematic records - Accounting is done…
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Golden Rules of Accounting
The Problem with Debit Credit Rules The system of debit and credit is right at…