Basic concepts 2
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This document outlines key accounting concepts and forms of business organization. It discusses the business entity, going concern, periodicity, money measurement, and dual aspect concepts. It also describes sole proprietorships, partnerships, limited companies, and limited liability partnerships. Finally, it explains systems for recording transactions like single and double entry, and tools for recording business transactions such as journals, ledgers, trial balances, and financial statements including the income statement, statement of retained earnings, balance sheet, and cash flow statement.
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Here are provided some details of following concepts, principles and conventions of accounting:
1. Entity Concept
2. Money Measurement Concept
3. Periodicity Concept
4. Accrual Concept
5. Matching Concept
6. Going on Concern Concept
7. Cost Concept
8. Principle of Prudence
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Hope, basic of these concepts is easy to understand.
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The Financial Accounting slide from WE School introduces the subject as not just a science – in the way the data is recorded) but an art too – in the way it is interpreted. Accounting is an information system which measures, processes and communicates financial information to decision makers.
To know more about Welingkar's Distance Learning Program and courses offered, visit:
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It also outlines other fundamental concepts like historical cost, matching, revenue recognition, accounting periods, money measurement, dual aspect, cost-benefit, and timely reporting principles. Key types of accounting concepts are defined such as business entity, going concern, accrual, historical cost, revenue recognition, and accounting periods.
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