What is the various acounting concept and principles?

Answer 1

Accounting concepts and principles are foundational guidelines that govern financial reporting and accounting practices. Key concepts include the Going Concern Principle, which assumes that a business will continue operating indefinitely, and the Accrual Basis of Accounting, which recognizes revenues and expenses when they are incurred, regardless of cash flow. Other important principles include the Consistency Principle, which requires the use of the same accounting methods over time, and the Matching Principle, which aligns revenues with the expenses incurred to generate them. Together, these concepts ensure transparency, consistency, and reliability in financial reporting.