Accounting Principles: Top 9 Accounting Concepts & Conventions
Here we detail discuss about the accounting concepts and accounting conventions. In which we discuss 9 points of accounting concepts and 4 points of accounting conventions.
Tag: nature of accounting principles
Nature of Accounting Principles
Accounting rests on a small set of fundamental assumptions and principles. These fundamentals are referred to as the ‘Generally Accepted Accounting Principles (GAAP). Understanding the principles gives context and makes accounting practices easier to implement. The underlying objective of ‘Accounting Statements’ is the true, fair, and authentic reflection of the business operations and its results….