ACCOUNTING CONCEPTS

                      ACCOUNTING CONCEPTS

These are basic assumptions and conditions on the basis of which financial statements are prepared. Certain concepts are perceived, assumed and accepted in accounting to provide unifying structure and internal logic to accounting process. The concept means idea or notion, which has universal application. Financial statements are interpreted in the light of the concept, which govern accounting methods. concepts are those basic assumptions and conditions, which form the basis upon which the accountancy has been laid. Accounting concepts are only results of broad consensus. These accounting concepts lay down the foundation on the basis of which the accounting principles are formulated.

v  Accounting Principles

v  Accounting Conventions

v  Basic AssumptionConcepts/Principles/Conventions

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