Archive | Accounting Concepts

Accounting Concepts and Principles

After reading this article you will learn about the accounting concepts and principles. Also learn about fundamental accounting assumptions. Core Accounting Concepts: Two core accounting principles are entity and money measurement Entity means a economic unit that performs economic activities. It may be a business entity - any form of business i.e. sole proprietorship, partnership, company, co-operatives and non-business organisations. [...]

By |2016-12-23T06:39:16+00:00December 23, 2016|Accounting Concepts|Comments Off on Accounting Concepts and Principles

Descriptive and Prescriptive Accounting Concepts

In this article we will discuss about descriptive and prescriptive accounting concepts. Larsen and Miller have expressed the opinion that sets of accounting concepts differ in how they are developed and used. In general, when concepts are intended to describe current practice, they are developed by looking at accepted specific practices, and then making some general rules to encompass them. [...]

By |2016-06-18T07:01:57+00:00June 18, 2016|Accounting Concepts|Comments Off on Descriptive and Prescriptive Accounting Concepts
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