Wat is the difference between accounting concepts and assumptions?
2 Replies
C.rajesh
(Articles)
(1392 Points)
Replied 03 April 2008
there is no difference b/n the accounting cocepts and accounting assumptions. the folloing was the list of both accounting cocepts and accounting assumptions respectively. nine accounting cocepts are 1.business entity 2.going concern 3.accounting period 4.matching 5.money measurement 6.dual 7.cost 8.realisation 9.accrual.
accounting assumptions are going concern, consistancy, accrual. As per AS-1 the fundamental assumtions are assumed to be followed by every entity. If they are not followed the reasons to be disclosed.
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