Overview of the Accounting Concept

Overview of the Accounting Concept

There are various concept and conventions in accounting, all of which are useful in solving practical accounting problem.They include:

A.      THE BUSINESS ENTITY: – Accounting view every business as an entity which is distinct from that person who owns or managed it.  Sometimes, the law makes the same distinction as in the case of a limited liability company which is a separate legal entity from the shareholders or directors. [Read more…]