Principles and Concepts Of Accounting

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Principles Of Accounting

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• Accounting or accountancy refers to the process
  of measuring, processing, and communicating the
  financial and non-financial information about
  different businesses and corporations. There are
  some basic principles that accounting as a
  subject holds, which are considered as important
  rules that look into the field of accounting, and
  guides the process of recording, analysing,
  verifying, and reporting the financial position
  of a business. 

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The Accounting Concepts

• The five main principles of accountancy are
• Revenue recognition
• Historical cost
• Matching principle
• Full-disclosure principle
• Objectivity principle 

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Revenue Recognition

• This principle is concerned with the revenue that
  is being recognised in the statement of income of
  any company or enterprise. Revenue is said to be
  the gross inflow of the cash or any other arising
  in the activity of any enterprise by digging in
  interests, royalties, and dividends. 

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The Historical Cost Principle

• According to this principle of concept, an asset
  is recorded at the acquiring price at the time of
  the acquisition, making that cost the basis for
  accountancy during subsequent accounting periods.
  The cost concept is said to be objectively
  verifiable. Also, if nothing is being paid to
  achieve an asset, it will not be recorded as an
  asset. 

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Matching Principle

• According to the matching principle of
  accountancy, the expenses that took place in a
  particular accounting period should match the
  revenues in that very particular period. This
  concept disregards time as well as the actual
  cash flow amount and puts full concentration on
  the revenues and expenses. 

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The Principle Of Full Disclosure

• By the full disclosure principle, we refer to the
  conveying or concealing of the financial
  statement. The financial statement should explain
  all the information, both reliable and relevant
  to the company, to make it useful to the users or
  the consumers. It is also important to keep a
  check on the data or information collected is in
  accordance with the substance and economic
  reality, and not the legal one. 

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The Principle Of Objectivity 

• By this principle, we mean that the data
  collected in accountancy should be explicit,
  provable, and unbiased. In laymans language,
  that each transit that is recorded should be
  appropriate evidence of support. 

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