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1. Accounting concepts and conventions
By
Dr.T Vara Lakshmi
Associate Professor & Head
Master of Business Administration
Business Economics and Financial Analysis
3. Accounting Assumptions
Accounting assumptions can be defined as a
set of rules that ensures the business
operations of an organization and are
conducted efficiently and as per the standards
defined by the FASB
(Financial Accounting Standards Board) which
ultimately helps in laying the groundwork for
consistent, reliable and valuable
8. Accounting Concepts
Accounting concept refers to the basic
assumptions and rules and principles
which work as the basis of recording of
business transactions and
preparing accounts.
This concept assumes that,
for accounting purposes, the business
enterprise and its owners are two
separate independent entities.
13. Accounting Constraints
In the field of accounting, when
reporting the financial statements of
a company, accounting
constraints (also known as
the constraints of accounting) are
boundaries, limitations, or guidelines.
These constraints may allow for
variations to
the accounting standards an
accountant is trying to follow.