Accounting concepts are the basic principles and rules which have to be followed for the appropriate organization of the process of accounting. The most important initial accounting concept is to choose the single strategy and norm of work in order to maintain the consistency of the accounting process and its aspects. Then, the accountant should record the income and expenditures of the firm they have formally occurred within the organization, because if one does this process during the payment out or receiving of the cash, the record will not be the objective one, as the money will go through the processes related with the withdrawal of commission. Next, accounting should always reflect the right objective condition of the business, because the primary role of accounting is to demonstrate the progress and regress of the business in order to help the businessman react to the problems rapidly and effectively.
The following concept is related with the strict periodization of the accounting processes. For example, the accountant should records the finance for the definite period, as the next period will have another strategy and approach towards production. Accounting should also reflect the actual condition of the business, but not the finance of the employer or employees, as very often the private accounts of the owner differ from the fund of the organization. Accounting is a dynamic process which should observe the data on the company’s finance permanently, so the information should be always relevant for the sake of the prosperity of the firm. Finally, accounting should reflect the actual performance of the business and the realization of its goods and services and avoid marking the economic phenomena (like crises) as the objective reason of the company’s profit of loss.
Accounting concepts are the concepts which maintain the quality and objectiveness of the accounting services in an organization. If the student is interested in accounting, he should dwell on the accounting concepts and their types and performance on the definite example of the suggested firm. The student should study the case site, learn about the problem related with the accounting concepts within the company and then decide what the cause and effects of the problem are. In the end, one will need to evaluate the problem objectively and think about the professional solution of the case on accounting concepts relying on the knowledge received at class.
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