BASIC ACCOUNTING CONCEPTS
ALL ABOUT ACCOUNTING :- 18th BLOG ☆☆☆☆☆ ACCOUNTING☆☆☆☆☆ ★ BASIC ACCOUNTING CONCEPTS :- In the previous lesson, You have studied the fields of accounting and principle of accounting. In order to maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules/ principles are classified as concepts and conventions. These are foundations of preparing and maintaining accounting records in this lesson we shall learn about various accounting concepts and their meaning. ☆ Explain the term accounting concepts : Let us take an example. In India 🇮🇳👳 there is a basic rule to be followed by everyone that one 1️⃣ should walk or drive on his/her left hand✋ side of the road 🛣️. It helps in the smooth flow of traffic 🚥. Similarly, there are certain rules that an accountant should follow while recording business transactions and preparing accounts. These may be termed as a...