At the end of the chapter, you will be able to understand
Need and Meaning of Accounting Principles
Meaning and Characteristic Features of Generally Accepted Accounting Principles (GAPP)
Basic Accounting Concepts – Entity Concept, Money Measurement Concept, Going Concern Concept – Accounting Standard (AS)–1, Periodicity Concept, Cost Concept – Special Features, Realisation Concept, Matching Concept.
Basic Accounting Conventions – Convention of Conservatism (Prudence), Convention of Consistency, Convention of Materiality and Convention of Disclosure
Distinction Between Concepts and Conventions
A uniform set of rules ...