which accounting concepts mostly used in india & why ? how to know which concept are the business by balancesheet.
4 Replies
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 26 May 2023
There are more than 10 and you can find them on google or bing
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177736 Points)
Replied 26 May 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 26 May 2023
Following are the Accounting Concept mostly used in our Country.
1) Business entity Concept
2) Money Measurements Concept
3) Cost Concept
4) Consistency
5) Conservatism
6) Going Concern
7) Realisation Concept
8) Accrual Concept
9) Dual Aspects Concept
10) Conversion of Disclosure
11) Conversion of Materiality
Above concepts are necessary assumption or conditions on which accounting is based
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