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ACCOUNTS FOR TALLY PART 3

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OBJECTIVES OF ACCOUNTING

  1. To keep the systematic record
  2. To settle down the disputes
  3. For the proper classification of various heads
  4. To ascertain the profit and loss of the year 
  5. For the decision making
  6. To communicate the necessary information to various users
  7. To know the financial position of the year
  8. For the comparative study of :
  • Intra firm comparision
  • Inter firm comparision

RECEIPTS

INFLOW OF CASH
  • REVENUE NATURED
  • CAPITAL NATURED
ACCOUNTING CONCEPTS

  1. MONEY MEASUREMENT CONCEPT 
  2. GOING CONCERN CONCEPT 
  3. SEPARATE ENTITY 
  4. ACCOUNTING PERIOD CONCEPT 
  5. DUAL ASPECT CONCEPT/ACCOUNTING EQUATION
  6. CONCEPT OF CONSERVATISM/CONCEPT OF PRUDENCE
  7. MATCHING CONCEPT/ACCRUAL CONCEPT
  8. MATERIALITY CONCEPT 
  9. CONCEPT OF FULL DISCLOSURE 
  10. COST CONCEPT/HISTORICAL COST CONCEPT
  11. CONCEPT OF TIMELINESS
  12. CONCEPT OF REVENUE RECOGNITION 
  13. CONCEPT OF SUBSTANCE OVERFORM
  14. CONCEPT OF CONSISTENCY
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