ACCOUNTING CONCEPTS & PRINCIPLES @seniorhannington #1000subscriber

Accounting concepts are the foundational principles, rules, and assumptions that guide the recording, measurement, and communication of financial information. They provide a framework for consistent and reliable financial reporting, ensuring that financial statements can be understood and interpreted by stakeholders such as investors, creditors, and management. In this video, I explained the following Accounting Concepts; 1. Going concern; 2. Accrual; 3. Prudence; 4. Consistency; 5. Materiality; 6. Substance Over form; 7. Business Entity and; 8. Money Measurement. These are just a few Accounting Concepts explained.