Accounting Information and Management Decision Making in Business

Accounting Information and Management Decision Making in Business

There are certain basic concepts of accounting which will be described one by one below:-

  • Accounting Entity concept: Accounting entity concept is reflected by the accounting equation: assets = liabilities or assets = Liabilities + owner’s equity. Meigs says.
  • Accounting information is complied for a clearly defined accounting entity. So is a business enterprise, whether conducted as a single proprietorship, partnership or corporation.

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