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The term concepts includes those basic assumptions or conditions upon which
the science of accounting is based.
1. Separate Entity Concept
2. Going Concern Concept
3. Money Measurement Concept
4. Cost Concept
5. Dual Aspect Concept
6. Accounting Period Concept
7. Periodic Matching of Cost and Revenue Concept
8. Realisation Concept.
Accounting Conventions
The term conventions includes those customs and traditions which guide the
accountant while preparing the accounting statements.
1. Convention of Conservatism
2. Convention of Full Disclosure
3. Convention of Consistency
4. Convention of Materiality
Accounting Concepts