Accounting concepts

Accounting concepts are the principles that guide the preparation of accounting information. These fundamental accounting concepts are best considered as the “building blocks” on which historical accounting information. The fundamental accounting concepts are generally taking to include “prudence”, “consistency”, “accruals” and “going concern”.

 

reference: Business Studies / Accounting. Accounts & Finance Glossary. Jim Riley BA(Hons) MBA FCA // tutor2u

Tags: