Sunday, February 2, 2020

Accounting Concepts and Conventions


GAAP set of rules can provide uniformity in the

 Accounting system

 Accounting procedure

 Presentation of accounting results

Accounting assumptions are those broad concepts that develop GAAP principles, upon which accounting is based. Certain ideas and rules are assumed in account in order to provide a unifying theoretical structure and internal logic of accounting.


The assumptions are rule of the game and they have been developed from common accounting practices.

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