Unit – 7 : Basic Accountancy procedures
At the recording stage:
- Business entity concept
- Money measurement concept
- Objective evidence concept
- Historical record concept
- Cost concept
- Dual aspect concept
At the reporting:
- Going Concern concept
- Accounting period concept
- Matching concept
- Conservatism concept
- Full disclosure concept
- Materiality concept
Main conventions of Accounting
- Accounting of full disclosure
- Convention of Materiality
- Convention of Conservatism
- Convention of Consistency
Two systems of keeping records
- Single entry system
- Double entry system