Definition of Accounting Concepts

Definition:

Accounting concepts is basically the accounting rules that should be follow while preparing the financial statements and accounts .

Explanation:

It includes four fundamental concepts which are as follows:

1) Accrual Concept: According to this concept revenue and expenses are noted when they occur in a financial statement and when the cash received or paid at that time they are not Cialis.
2) Consistency concept : According to this concept once an accounting method has been chosen it should be maintained until and unless there is a solid reason to go for the alternative.
3)Going concern: The business organization for which accounts have made should be in a good condition and will pursue to be in a business for the better Ciprofloxacin.
4)Prudence Concept: Revenue and profits are recorded in balance sheet only when they realized.

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