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Transaction
event
The Committee on Terminology set up by the American Institute of Certified Public Accountants formulated the following definition of accounting in 1961:: Accounting
Generally Accepted Accounting Principles’ (GAAPs)
The word concept means
basis of which the accounting principles are formulated.
accounting principles
Entity concept:
Money measurement concept:
Periodicity concept /
concept of definite accounting period
Accrual concept:
Matching concept:
Revenue – Expenses =
Periodic Profit
Going Concern concept
Cost concept:
Realisation concept:
Dual aspect concept:
Conservatism:
Consistency:
An enterprise should change its accounting policy in any of the following circumstances only:
Materiality:
FUNDAMENTAL ACCOUNTING ASSUMPTIONS
CONSIDERATIONS IN DETERMINING CAPITAL AND REVENUE EXPENDITURES
