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Accounting concepts

Accountancy

In accounting concepts there are all lot of concepts. Is we use all concepts or only fundamental accounting assumption?

Vani

CA Foundation

★ 2K+

25-Aug-21 23:07

239

Answers (3)

Best Answer

accounting assumptions are mandatory Going concern , accrual and consistency and if an enterprise doesn't follow it has to mention in its financial statements. Rest all are usually followed without any special mention like historical cost or matching concept they are by default followed. So to explain you the basics of accounting at foundation level it is emphasized. You will learn further on these at Intermediate level.

roshini reddy

CA Inter

★ 1K+

26-Aug-21 09:28

roshini reddy

Are all other concepts followed or entity choose the concepts.

Thread Starter

Vani

CA Foundation

★ 2K+

26-Aug-21 15:19

Thread Starter

Vani

Are all other concepts followed or entity choose the concepts.

Followed they are basics of accounting and without them double entry accounts cant be done so its like followed by default

roshini reddy

CA Inter

★ 1K+

26-Aug-21 15:25

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