ALL ABOUT ACCOUNTING :- 6th BLOG

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 A            *****ACCOUNTING*****

Hi freinds.,
          Today's discuss what to learnt in accounting ?
    1. Accounting principles.
    2. Basic accounting concepts.
    3. Accounting terminologies.
    4. Accounting exercise and prectices.
    5. Modern accounting trends.
    6. Importance and benefits of accounting.

So let's discuss 1st topic in learning section of accounting..

   1. Accounting principles :- 
Accounting principles are the rules and benchmarks in field, co. Should follow while reporting financial statements. Common set of accounting standards U.S. based is GAAP (Generally accepted accounting principles).

 Total 13 principles of accounting let's discuss one by one.
    1. Economic entity :- 
In accounting, an economic entity is one of the assumptions made in generally accepted accounting principles. Almost any type of organization or unit in society can be an economic entity. Examples of economic entities are hospitals, companies, municipalities, and federal agencies.

The "Economic entity assumption" states that the activities of the entity are to be kept separate from the activities of its owner and all other economic entities.
    *Importance of economic entity assumption :- Readers want to receive enough information about the business to allow them to make informed decisions about it. The economic entity assumption helps readers achieve this objective. The economic entity assumption states that each entity or unit must be separate from all others for accounting purposes.
 *Example of business entity :- Business Entity Concept states that the business and the owner are two separate entities and accordingly must be treated separately. ... For example in a partnership firm, partners and the partnership/business are two separate entities.










Remaining 12 principles of accounting discuss in 7th blog...
      So wait my 7th blog...

    #read_comments_share.
   ____________________________________________

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