ACCOUNTING CONCEPTSACCOUNTING CONCEPTS

Business entity concept/Entity Business entity concept/Entity concept/Reporting conceptconcept/Reporting concept

Going concern conceptGoing concern concept

Accounting period concept/Periodicity conceptAccounting period concept/Periodicity concept

Money measurement conceptMoney measurement concept

Dual aspect conceptDual aspect concept

** AssetsAssets

** CapitalCapital

** CreditorsCreditors

ACCOUNTING CONCEPTS ACCOUNTING CONCEPTS (contd.)(contd.)

Cost conceptCost concept

Periodic matching of cost and revenue conceptPeriodic matching of cost and revenue concept

Verifiable objective evidence conceptVerifiable objective evidence concept

Realisation conceptRealisation concept

Disclosure conceptDisclosure concept

Materiality conceptMateriality concept

Consistency conceptConsistency concept

Conservatism conceptConservatism concept

FORMS OF BUSINESSFORMS OF BUSINESS

Sole proprietorshipSole proprietorship

PartnershipPartnership

Limited CompanyLimited Company

Limited Liability PartnershipLimited Liability Partnership

SYSTEM OF RECORDING SYSTEM OF RECORDING TRANSACTIONTRANSACTION

Single Entry SystemSingle Entry System

Double Entry SystemDouble Entry System

RECORDING BUSINESS RECORDING BUSINESS TRANSACTIONSTRANSACTIONS

JournalJournal

LedgerLedger

Trial BalanceTrial Balance

Financial Statement Financial Statement

Profit and Loss AccountProfit and Loss Account

Statement of Retained EarningsStatement of Retained Earnings

Balance SheetBalance Sheet

Cash Flow StatementCash Flow Statement