Explain accounting concepts

Question

Give a brief introduction of the term ‘accounting concepts’?

Answer 1

Accounting concepts are those basis suppositions upon which essential procedure of accounting is depending.

The basic accounting concepts are illustrated below:

i) Business Entity Concept
ii) Dual Aspect Concept
iii) Going Concern Concept
iv) Accounting Period
v) Concept Cost Concept
vi) Money Measurement Concept
vii) Matching Concept