LearningCat: Accounting Principles

Understanding Key Accounting Concepts
A set of concepts and rules govern accounting, the language of business, ensuring the comparability, consistency, and accuracy of financial data. These ideas are fundamental to accounting procedures and important to anyone managing a company’s finances. Now let’s explore some basic accounting principles: Concepts and rules govern accounting Entity Concept According to the Entity Concept, […]
Accounting Conventions
ACCOUNTING CONVENTIONS Accounting conventions are widely accepted guidelines and practices that dictate how financial information is recorded, reported, and disclosed. They ensure consistency, reliability, and comparability in financial statements. Although not legally enforceable, these accounting conventions are widely recognized and adopted by accounting organisations. These standards are not absolute but should be employed as general […]