Accounting Concepts
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This document summarizes the key accounting concepts that were presented in a seminar by Nishad A. Mulla. It outlines 9 fundamental accounting concepts: 1) business entity, 2) money measurement, 3) going concern, 4) accounting period, 5) accounting cost, 6) dual aspect, 7) realization, 8) accrual, and 9) matching. These concepts establish the framework for collecting, classifying, measuring, and reporting financial information about a business entity in a meaningful way for economic decision making.
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Accounting principles
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
Basic Concept on Accounting
Accounting involves recording, classifying, and summarizing financial transactions and events in a way that adheres to generally accepted accounting principles (GAAP). It is both an art and a science - it applies scientific principles and methods (the science) but also involves judgment and decision making (the art). Proper accounting provides useful financial information to both internal and external users of the financial statements and allows for informed decision making.
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The document discusses the key principles and concepts of accounting. It explains that accounting principles provide guidelines for preparing financial statements and include concepts like business entity, historical cost, and matching. Various users of financial statements are also identified, such as investors, lenders, and management. Their different information needs are described. Finally, specific accounting concepts like consistency and materiality are defined in further detail.
Accounting concept and convention
This document discusses key accounting concepts and conventions. It defines 8 accounting concepts: business entity, money measurement, accounting period, accounting cost, going concern, dual aspect, realization, and matching. It also discusses 4 accounting conventions: consistency, materiality, conservatism, and full disclosure. The concepts and conventions establish standard principles and practices for preparing accurate financial statements and reports.
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This document provides an overview of key concepts in accounting theory and principles, including:
1) It defines common accounting terms like assets, liabilities, capital, revenues, and expenses. It also distinguishes between current and non-current assets/liabilities.
2) It outlines important accounting principles like business entity, dual aspect, accounting period, going concern, cost, and matching.
3) It discusses the objectives of accounting, accounting records like vouchers, and concepts like materiality, full disclosure, consistency and objectivity in financial reporting.
Accounting concept and Conventions
This document discusses key accounting concepts and conventions. It defines concepts as necessary assumptions and conditions that accounting is based on, such as treating similar transactions in the same way. Key concepts discussed include the business entity, going concern, money measurement, accounting period, cost, dual aspect, and realization. Conventions ensure common practices are followed, such as materiality, full disclosure, conservatism, and consistency. Concepts and conventions provide the theoretical framework for accounting.
Accounting concept
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
| Generally Accepted Accounting Principles | Principles of Accounting | Accou...
Principles of accounting, generally accepted accounting principles, gaap, accounting concepts, business entity concept, going concern concept, dual aspect concept, cost concept, money measurement concept, accounting period concept, realisation concept, matching concept, accounting conventions, convention of consistency, convention of full disclosure, convention of conservatism, convention of materiality
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Accounting principles
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
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Accounting involves recording, classifying, and summarizing financial transactions and events in a way that adheres to generally accepted accounting principles (GAAP). It is both an art and a science - it applies scientific principles and methods (the science) but also involves judgment and decision making (the art). Proper accounting provides useful financial information to both internal and external users of the financial statements and allows for informed decision making.
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This document discusses key accounting concepts and conventions. It defines 8 accounting concepts: business entity, money measurement, accounting period, accounting cost, going concern, dual aspect, realization, and matching. It also discusses 4 accounting conventions: consistency, materiality, conservatism, and full disclosure. The concepts and conventions establish standard principles and practices for preparing accurate financial statements and reports.
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This document provides an overview of key concepts in accounting theory and principles, including:
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2) It outlines important accounting principles like business entity, dual aspect, accounting period, going concern, cost, and matching.
3) It discusses the objectives of accounting, accounting records like vouchers, and concepts like materiality, full disclosure, consistency and objectivity in financial reporting.
Accounting concept and Conventions
This document discusses key accounting concepts and conventions. It defines concepts as necessary assumptions and conditions that accounting is based on, such as treating similar transactions in the same way. Key concepts discussed include the business entity, going concern, money measurement, accounting period, cost, dual aspect, and realization. Conventions ensure common practices are followed, such as materiality, full disclosure, conservatism, and consistency. Concepts and conventions provide the theoretical framework for accounting.
Accounting concept
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
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1) The document discusses key accounting concepts and conventions. It defines 11 accounting concepts including business entity, money measurement, going concern, and historical cost.
2) It also explains 3 common accounting conventions: full disclosure, consistency, and conservatism. Conventions represent generally accepted practices adopted through agreement, while concepts provide a theoretical foundation.
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Here are some basics of accounting like its definition, steps involved in it, book-keeping, objectives of accounting, functions and limitations of accounting for the beginners.
It is been tried to explain all these things in a quite easy manner.
Hope that it matches what you were looking for.
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This document provides an overview of accounting standards. It discusses the meaning and introduction of accounting standards, their objectives, and how they are implemented in different countries. The key points are:
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- Their main objectives are to standardize accounting policies and add reliability to financial reporting.
- Many countries have adopted International Financial Reporting Standards issued by the IASB, while India has its own National Advisory Committee on Accounting Standards.
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It is been tried to explain all these things in a quite easy manner.
Hope that it matches what you were looking for.
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This document discusses key accounting concepts and conventions. It explains concepts like business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. It also covers conventions like consistency, full disclosure, materiality and conservatism. The concepts and conventions establish the fundamental assumptions and guidelines for preparing financial statements according to standard accounting principles.
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Here are the journal entries for the given transactions:
June 1 Capital A/c Dr. 60,000
To Shankar (proprietor) A/c 60,000
(Being capital introduced by proprietor)
June 2 Bank A/c Dr. 30,000
To Capital A/c 30,000
(Being amount deposited in bank from capital)
June 4 Kamal A/c Dr. 10,000
To Purchases A/c 10,000
(Being goods purchased from Kamal on credit)
June 6 Shiram A/c Dr. 4,920
Discount A/c Dr. 80
To Bank A/c 5,000
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原版一模一样【微信：741003700 】【美国迈阿密大学牛津分校毕业证文凭证书】【微信：741003700 】学位证，留信认证（真实可查，永久存档）offer、雅思、外壳等材料/诚信可靠,可直接看成品样本，帮您解决无法毕业带来的各种难题！外壳，原版制作，诚信可靠，可直接看成品样本。行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备。十五年致力于帮助留学生解决难题，包您满意。
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Who Is the Largest Producer of Soybean in India Now.pdf
This blog explores the current largest producer of soybean in India and the factors contributing to their dominance.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.SWAIAP Fraud Risk Mitigation Prof Oyedokun.pptx
SWAIAP Fraud Risk Mitigation Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Who Is Abhay Bhutada, MD of Poonawalla Fincorp
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
Bridging the gap: Online job postings, survey data and the assessment of job ...
Bridging the gap: Online job postings, survey data and the assessment of job ...Labour Market Information Council | Conseil de l’information sur le marché du travail
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.5 Tips for Creating Standard Financial Reports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
An Overview of the Prosocial dHEDGE Vault works
How the prosocial dHEDGE earns you money while saving the world!
Seminar: Gender Board Diversity through Ownership Networks
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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The Impact of GST Payments on Loan Approvals
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
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本公司拥有海外各大学样板无数，能完美还原海外各大学 Bachelor Diploma degree, Master Degree Diploma
1:1完美还原海外各大学毕业材料上的工艺：水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠。文字图案浮雕、激光镭射、紫外荧光、温感、复印防伪等防伪工艺。材料咨询办理、认证咨询办理请加学历顾问Q/微741003700
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
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8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
2. Elemental Economics - Mineral demand.pdf
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Detailed power point presentation on compound interest and how it is calculated
Detailed information about compund interest
1. Elemental Economics - Introduction to mining.pdf
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Using Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trendsLabour Market Information Council | Conseil de l’information sur le marché du travail
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理
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Who Is the Largest Producer of Soybean in India Now.pdf
Who Is the Largest Producer of Soybean in India Now.pdf
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
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Bridging the gap: Online job postings, survey data and the assessment of job ...
Seminar: Gender Board Diversity through Ownership Networks
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Detailed power point presentation on compound interest and how it is calculated
Detailed power point presentation on compound interest and how it is calculated
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
Using Online job postings and survey data to understand labour market trends
Using Online job postings and survey data to understand labour market trends
Accounting Concepts
- 1. Seminar Presentation On Accounting Concepts BY: Name :Nishad A. Mulla Class: MBA –II Year. Roll_No:13068.
- 2. Accounting is one of the vital tools to collect financial information pertaining to business activities. The same information is used in economic decisions users make. The apex of accounting or specifically financial accounting is financial statements that puts the gives the accounting records meaningful shape so that it can be used. However, preparing financial statements involve identification, classification, measurement and reporting or disclosure of business activities. Meaning :
- 3. 1. BUSINESS ENTITY CONCEPTS Meaning: The Business and its Owner’s are two separate existing entity.
- 4. 2. Money Measurement Concepts Meaning: All Transitions of the business are recorded in terms of money.
- 5. 3. Going Concern Concept Meaning: It assumes that business will have a long life and not close or be sold in the immediate future.
- 6. 4. Accounting Period Concepts . Meaning: All the transitions are recorded in the books of accounts on the assumption that profits on these transitions at a specified period .
- 7. 5. Accounting Cost Concept: Meaning : Also Known as Historical Cost -It state that all assets are recorded in the books of accounts at their purchase price, which includes cost of acquisition, transportation and installation and not at its market price.
- 8. 6.Dual Aspect Concept Meaning: It is the basic recording business transaction in the books of accounts. Every transaction has dual effect. Assets = Liabilities + capital .
- 9. 7. Realization Concepts It is state that revenue from any business transaction should be included in the accounting records only when it is realized. Meaning:
- 10. 8. Accrual Concepts Meaning: It is the amount i.e. yet to be paid or receives at the end of the accounting period .
- 11. 9. Matching Concepts. Meaning: It is state that revenue and the expense incurred to earn the revenues must belong to the same accounting period .
- 12. Thank You