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Accounting Concepts and

Principles

Compiled by SuperProfs.com

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Introduction

Rules of accounting are followed in the

preparation of all financial statements.

The application of the concepts and

principles ensures that financial

information users are not misled under any

circumstances.

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They provide a foundation for accounting

process.

These are generally accepted

practices, which are adopted by general

agreement or common approval among

the accountants.

Why are Accounting Concepts and

Principles important?

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Important accounting concepts and

principles:

Accrual concept

Going concern concept

Revenue recognition

Cost principle

Full disclosure

principle

Prudence concept

Matching principle

Understandability

concept

Reliability principle

Time period principle

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