OBJECTIVES OF ACCOUNTING
- To keep the systematic record
- To settle down the disputes
- For the proper classification of various heads
- To ascertain the profit and loss of the year
- For the decision making
- To communicate the necessary information to various users
- To know the financial position of the year
- For the comparative study of :
- Intra firm comparision
- Inter firm comparision
RECEIPTS
INFLOW OF CASH
- REVENUE NATURED
- CAPITAL NATURED
ACCOUNTING CONCEPTS
- MONEY MEASUREMENT CONCEPT
- GOING CONCERN CONCEPT
- SEPARATE ENTITY
- ACCOUNTING PERIOD CONCEPT
- DUAL ASPECT CONCEPT/ACCOUNTING EQUATION
- CONCEPT OF CONSERVATISM/CONCEPT OF PRUDENCE
- MATCHING CONCEPT/ACCRUAL CONCEPT
- MATERIALITY CONCEPT
- CONCEPT OF FULL DISCLOSURE
- COST CONCEPT/HISTORICAL COST CONCEPT
- CONCEPT OF TIMELINESS
- CONCEPT OF REVENUE RECOGNITION
- CONCEPT OF SUBSTANCE OVERFORM
- CONCEPT OF CONSISTENCY
Comments