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Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage Video Lecture - B Com

FAQs on Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage Video Lecture - B Com

1. What are basic accounting concepts and conventions?

Ans. Basic accounting concepts and conventions are a set of guidelines that govern the preparation and presentation of financial statements. They aim to ensure that financial information is accurate, reliable, and consistent. These concepts include the accounting entity concept, the going concern concept, the accounting period concept, the monetary unit concept, and the dual aspect concept. The accounting conventions include the conservatism convention, the consistency convention, and the materiality convention.

2. What is the accounting entity concept?

Ans. The accounting entity concept states that a business is separate from its owners or any other entity. This means that the financial transactions of a business must be recorded separately from the personal transactions of its owners or any other entity. The accounting entity can be a sole proprietorship, a partnership, a corporation, or any other legal entity.

3. What is the going concern concept?

Ans. The going concern concept assumes that a business will continue to operate indefinitely. This means that the financial statements of a business are prepared based on the assumption that it will continue to operate in the foreseeable future. This concept is important because it allows businesses to make long-term plans and investments.

4. What is the materiality convention?

Ans. The materiality convention states that financial information should only be disclosed if it is material or significant. This means that only important information should be included in the financial statements, as including too much information can be overwhelming and confusing for users. Materiality is determined based on the size and nature of the transaction or event.

5. What is the conservatism convention?

Ans. The conservatism convention states that when there are two equally acceptable accounting treatments for a transaction, the one that results in lower profits or higher liabilities should be chosen. This means that a business should be cautious in its financial reporting and should not overstate its profits or assets. The conservatism convention is important because it ensures that financial statements are not overly optimistic and provide a more realistic view of a business's financial position.

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