Accounting concepts, Accounting Standards

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Accounting Concepts:

  • The dual aspect principle has specific relevance to balance sheet. According to this principal, every transaction is concerned as one that has dual effects and thus, it is recorded on debit side and also credit side. Because of this, we ensure the equality of assets to liabilities and owner's equity.
  • All the figures are described in monetary units irrespective of its nature. In our illustration we had cash, merchandise inventory and shop premises all shown in monetary quantities.
  • each transaction we reflected was in respect of merely the business entity and as the balance sheet show the financial position of the business entity and not such of the owners.
  • All the valuations were depends on the assumption of a going relates, and not depends on liquidated value. Since a consequence, the total value of the assets is written off over a period by a mechanism termed as depreciation.
  • All the assets were depends on historical cost as the origin of valuation.

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