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Accounting Principles
MMS Semester I
By Prof. Megha Hemdev
Meaning
Classification of GAAP
Concepts of Accounting
Conventions of Accounting
Concepts of Accounting
Money Measurement
Cost Concept
Realization/Revenue
Recognition Concept
Accrual Concept
Dual Aspect
Every business transactions have two
effects and involves exchange of benefits
Benefit received and benefit given both
the aspects should be recorded in the
books
Also called as Double Entry System of
Book-keeping
Keeps the equation Assets = Liabilities +
Capital in balance
Matching Concept
Periodicity Concept
Accounting Conventions
Conservatism Convention
Consistency Convention
Convention of Disclosure
Convention of Materiality