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2                                                                         Qualities like Relevance, Objectivity and
















               Mind map : learning made simple  Chapter - 2
                                         Dynamic  Broad Guidelines  Not universally accepted  Lock of Variations  Ever-developing  Common Knowledge  •  Brings Uniformity  •  Scientific nature  • Protects from Personnel bias  •  Accounting Principles are man-made  •  •  Feasibility is found Lack of List of Accounting Principles  •



                                         •  •  •  •  •
                                                           Nature of Accounting Principles  Need and Importance of  Accounting Principles  Essential etaur  es of  n  cipls  e





                                                                             F
                    Accrual Concept  Full Disclosure  Materiality Concept  Accounting Period   Concept  Accounting Pri







                    •  •  •  •
                                      Accounting Concepts     Theory Base  of  Accounting  e  ls  ci  p  n
                                        and Assumptions

                    Business Entity Concept Going Concern Concept Money Measurement Concept  Cost Concept  Dual Aspect Concept  Matching Concept  Revenue Recognition Conservatism Concept  Consistency Concept  Accounting      TermsUs ed in   Accounting Pri










                    •  •  •  •  •  •  •  •  •                  Standards in India      Concept or   Assumptions  Conventions  Postulates



                                                                                       •   •  •

                                                  AS-1-Disclosure of Accounting   AS-2-Valuation of Inventories AS-3-Cash Flow Statement AS-4-Contingency in Balance   AS-5-Net Profit or Loss AS-6-Depreciation Accounting AS-7-Constructions Contract AS-8-Accounting for Research













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