Explain accounting concepts
Give a brief introduction of the term ‘accounting concepts’?
Expert
Accounting concepts are those basis suppositions upon which essential procedure of accounting is depending.
The basic accounting concepts are illustrated below:
i) Business Entity Concept ii) Dual Aspect Concept iii) Going Concern Concept iv) Accounting Period v) Concept Cost Concept vi) Money Measurement Concept vii) Matching Concept
Write down the procedure of capital budgeting?
Give a small introduction of the term ‘Merrick Differential Piece Rate System’?
Describe distinguish between the term Financial Accounting and Management Accounting?
Give a brief introduction of the term ‘Accounting Period Concept’?
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Write down the various kinds of expenditures considered for the reason of accounting?
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