The systematic recording, reporting, and analysis of financial transactions of a business are the facts that impact the accounting of a firm. The main fact is that accounting allows a company to analyze the financial performance of the business and look at statistics such as net profit. We know that this is one of the most important subjects for students and they need appropriate guidance to know about the main facts. That’s the main reason we are ready to offer quality support to them through our best Accounting Concepts assignment help. So that students collect 100% precise information from our professional writers without any problem.

Accounting Concept: These are the fundamental accounting assumptions that mainly act as a foundation for recording business financial activities and maintain a report for the final accounts. These are also known as the main rules of the accounts that we need to follow to get a quality results.

• Business Entity Concept: Under this concept, it is assumed that the business unit is distinct and entirely separated from its owners. Each and every transaction should be recorded in the books of accounts with a person’s name and other necessary information.
• Going Concern Concept: This concept assumes that the business entity has a continuity of life or the future of a business enterprise is to be prolonged or extended indefinitely of you can say that continued of the activity without any problem.
• Money Measurement Concept: All the transactions are expressed and interpreted in the term of money. The benefits of these expressions are that it provides a common denominator or unit of measurement by means of which heterogeneous facts about a business can be expressed in term of quantities which can either be added or subtracted.
• Accounting Period Concept: A business is assumed to continue indefinitely in order to ascertain the state of affairs of the business at different intervals. This method helps to measure the income generated during the specific accounting period which also helps to distribute the same periodically.

Accounting Convention: Conventions in accounting have been involved and developed to bring about uniformity in the maintenance of accounts. Conventions denote customers or traditions or usages which are in use for since long. The accountants have to adopt the usage or customs which are used as a guide in the preparations of accounting reports and statements.

• Convention of Disclosures: The convention requires that accounting statements should be honestly prepared and all significant information should be disclosed therein. This convention assumes greater importance in aspects of corporate organizations where the management is divorced from ownership.
• Conventions of Conservatism: Conservatism mainly refers to the policy of choosing the procedures that leads to understanding as against overstatement of resources and income.
• Convention of Consistency: Rules and practices of accounting should be continuously observed and applied. In order to enable the management to draw conclusions about the operations of a company over a number of years, it is necessary that the practice and methods of accounting remain unchanged from one period or another.

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