Accounting Concepts

Accounting by name is cleared that it is the process recording or handling accounts means financial transactions of a business. Every business needs an account manager so that they can handle every record of the company. Accounting includes summarizing, analysing and reporting all the transactions so that they can keep a record of all this and can give to the agencies when needed. Accounting concepts are the basic rules or assumptions and some conditions that define some basic concepts of accounting that will help you in managing accounts of any company or any type of business. You should know some of the concepts of accounts so that in future you will not face any kind of problem. These concepts are the fundamental basis which will help you in preparing the financial statements of any business.

• The main purpose of these accounting concepts is to be uniform and remain consistent in maintaining their financial statements for future.
• These,accounting concepts assists the accountants in proper maintanence and keeping records of business very well.
• It helps everyone to build a common understanding of the accounting rules which will help them in understanding the rules ell and help in any entity.

There are some of the known accounting concepts:- we will discuss about total of 12 accounting concepts in brief which help person in maintaining the records of financial statements very well.

Entity Concept

This concept will explain you that your business is very much different from the others. Owner and the business owner are the different things. This entity concept will help you in preparing your own financial statement and record the business transactions accordingly. These concept plays an important role as it helps government, as they can check on the company because they don't have to contact with the owners as the business is not run by the owners all the financial statements and records are maintained by the accountants so they can directly contact to them. This is entity concept in accounting.

Money Measurement Concept

This accounting concept of accounting is related to the money measurement. This concept will teach you that you will record only financial statements, means the one which are related to the money transactions. Records of only these kinds of transactions should be kept. In very basic way we can say that these money measurement concept deal with the quantitative information rather than focusing on qualitative information. So, this is the second important concept in accounting that will help you further.

Periodicity Concept

The concept of accounting states that every work related to accounts should be maintained periodically means, there should be a proper time maintained like monthly, quarterly or yearly according to your will. The financial status of any business or company can be reported in a certain designated time period. You should take a regular check on the accounts as per your certainity. The concept of periodicity in accounting plays an important role as when investors came to invest the business they want the current financial status of that company so, by maintaining the records periodically, you will get more help while checking any accounting records.

Accrual Concept

Accrual concept in accounting means, the accountant should record the transaction in book or in any form whether the money of that transaction is paid or not. This accrual concept in accounting is also very important as it build the relation between the revenue and expenses very strong and clear. As we know all the relation related to accounts should be very clear so that you should not face any kind of problem further.

 Matching Concept

From the name the concept is somewhat cleared to you, so this is the combination of the accrual and periodicity concept which in turn makes the matching concept. Both the concept in this we have discussed earlier, so from we get to know that the revenue one has recorded in some certain period than the expenses of the same period is to calculated and recorded.

Going Concern Concept

This is the imagination, when our work starts we think that our business will go very long which is also true so because of that the books in which all the accounts of the business is to be recorded is prepared , so that they help us in our long period of business and we can check the accounts of everything in our on going business.

Realizable Concept

The realizable concept is related to cost concept. this concept in accounting states that the accountant or an asset should record the value until or unless the realizable value that you have thought of has not been achieved. It means the asset will record the value of the product whose cost is given and that too which is reliable for you and according to your product. By this you are cleared with to concept of accounting one is cost and another is realizable concept.

Dual Aspect Concept

By name you are somewhat clear that this concept deals with two aspects of accounting one is debit and another is credit. When you are about to record any transaction then you should record it in two ways one is debit and other is credit of that transaction. So, by this we can say this aspect of accounting is very much important.

Conservatism

The conservatism concept of accounting states that the records or accounts of transaction should be recorded in books, and every king of expenses that re done and any loses that occurred in the buisness should be mentioned in the book, so that further you will not get any type of error in future.

Consistency

Consistency, as we say that one should be consistent while doing any kind of work, when you start a work then you should do it regularly and properly so that you should be clear with your work. Same in the case of accounting that the record maintainence should be consistent and regular so that if one want to check the period wise record then he or she can check.

These are the concepts of accounting, which are very much important for the accountant to know and to work on it.

Know how you can solve Accounting Concepts difficulties -

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Mathematics and lengthy calculations -

As you know that accounting is based on Mathematics and calculations are very typical in this. Students who do not have any knowledge about Mathematics at all, they have a lot of problem in writing assignments on this topic. Students are often unable to solve topics due to calculations and they need to hire a tutor.

Complex and difficult subject -

Those students have more problems in writing academic assignments whose subjects are very complex and difficult. It is very difficult to write an assessment on a complex topic and students need to understand and research before writing the assignment. Students who do not have knowledge about doing research have problems in writing assignments.

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