BCom 1st Year Financial Accounting Study Material Notes For Accounting Properties and Principal

BCom 1st Year Financial Accounting Study Material Notes For Accounting Properties and Principal

BCom 1st Year Financial Accounting Study Material Notes For Accounting Properties and Principale : is one of the introductory topic of B.Com. Financial Accounting. it is fundamental tools to understand the accounting. In this topic you will get information about accounting procedure of financial accounting. Each subject has their own basic principles or rules or properties. Same as financial accounting based on some basic properties or principles.  There are general rules and concepts which followed by financial accounting field. These accounting concepts and principles are referred to GAAP (Generally Accepted Accounting Principles). GAAP is the framework and guidelines of the accounting profession.

BCom 1st Year Financial Accounting Study Material Notes For Accounting Properties and Principal

BCom 1st Year Financial Accounting Study Material Notes For Accounting Properties and Principal

TYPE OF ACCOUNTING PRINCIPLES

  • Basic concepts or assumptions
  • Basic principles
  • Modifying principles

OTHER IMPORTANT BASIC ACCOUNTING PRINICIPLES/CONCEPT

These concepts and Principles help to operate any trade and also help to maintain accurate financial record.

  • Business Entity Concept
  • Money Measurement Concept
  • Verifiable Objective Evidence Concept
  • Accounting Period Concept
  • Principle of Revenue Realization
  • Principle of Expense
  • Principle of Accuracy
  • Principle of Materiality
  • Principle of consistency
  • Principe of Timeless
  • Double Aspect Principle

 

See Also : Complete Topic/Chapter Wise Study Material for BCom 1st Year

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