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Basic Accounting Concepts

Accounting concepts are very important. It means, the thoughts which is given by accountant.

1. Going Concern Concept

This concept shows that life of business is indefinite. It means, long life for unlimited time. Today, you have started business, tomorrow, you will face the loss and you will stop your business. It is not certain. It is not definite.

2. Accounting Period Concept

This concept shows that we have to show the results in the form of profit and loss account and balance sheet. This is one year period. But, in these days, there are so many softwares, with the help of these softwares, you can check your financial position and profitability position within one second. So, there is nothing value of this concept. But for publishing the accounting reports in the newspaper, we have to use this concept in accounting.

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