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Basic Concepts in Accounting:
 

Accrual concept

The revenue received and expenditure paid whether or not received or paid in cash, are considered for the same accounting period.
 

Business entity concept

The business and the owner of the business are two separate entities.
 

Going on concern concept

It is considered that the business is a never ending concern while recording the transactions.
 

Money measurement concept

All the transactions in the financial statement should be in monetary terms.
 

Cost concept

All the fixed assets should be recorded with their cost price not at the market price.
 

Dual aspect concept

There should be double entry for every transaction; every debit entry should be equated with credit entry.
 

Accounting period concept

Financial accounting is done with a certain interval on time i.e. accounting period.
 

Matching concept

Every expenditure should be matched with the revenue to determine the profit and loss.

There are other assumptions as well  such as conservatism, materiality, convention of disclosure, realization, Objective evidence concept etc.

 

Types of Accounting:
 

Financial Accounting

It is an accounting system where all the monetary transactions are recorded to prepare the financial statement of the company at the end of the accounting period to analyze the financial position of a company. The purpose of it is to provide financial information to the outsider parties such as creditors, shareholders, investors, suppliers, lenders and customers.
 

Management Accounting

This type of accounting is done when required by the managers to design strategies and policies and it helps them to make decision making. It consists of both monetary and non monetary transactions and it is only for internal management purposes.
 

Accounting Homework Questions & Answers - Sample

Question 1 – “All the transactions that are recorded while preparing the financial statement should be measurable in monetary terms.”

Choose the correct concept for the above statement.

a)   Cost concept

b)   Accrual concept

c)   Money measurement concept

d)   Matching concept

Answer: c)

 

Question 2 – explain this concept with an example  “Objective evidence concept”.

Answer - There should be evidence on whose basis the transactions are to be recorded. Such as - The invoice, cash memo, purchase bill, Sales bill, bank statement, and for stocks, physical verification are the evidence.

For example – if ABC company has purchased 100 washing machines, the entry will be made on the basis of the purchase bill(evidence).

 

Question 3: Write any two differences between financial accounting  and management accounting?

Answer: Difference between Financial and management accounting

 

Sr. no

Basis of comparison

Financial Accounting

Management Accounting

1

Purpose

To provide financial information to outsiders such as creditors, customers, shareholders lenders etc.

To provide information to the management of the company to design strategy and policies and help them in decision making.

2

Transaction type

Only monetary transactions are recorded.

Monetary and non monetary both transactions are recorded.


Need help in comprehending financial statements or steps for balancing accounting sheets?

In today’s global environment, Accounting as a subject has gained a lot of popularity. For every company, small or large, managing accounts and balancing sheets, generating income statements, keeping record of debt & equity as well as asset identification are some core things.


All these items fall under the category of external accounting or what we commonly refer to as financial accounting.  For the growth of any company managing a clean track record of their accounts is a key as this information is used by tax authorities, banks etc while making decisions about approving a new loan etc.


Over the years, Accounting as a subject and field has expanded in its scope where one deals with or comes across topics such as Capital Budgeting, Cash Flows Statements, Analyzing Depreciation and Appreciation of items, Conducting Accounting Ratios Analysis and more.


Students in college learn accounting concepts and may be asked to work on accounting case studies to develop a strong understanding of the accounting principles and equations before entering the corporate world. 


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