Accounting concepts are the foundation of the accounts, they lays down set of rules that have to be adopted though out the process. This concepts helps to moderate and understand the accounting treatments of various accounts.
The accounting principles are formed based on the accounting concepts. The following are the most important accounting concepts :
1. Money Measurement concept
2. Business Entity concept
3. Going Concern concept
4. Matching concept
5. Accounting Period concept
6. Duality or Double Entry concept
7. Cost concept
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