Accounting Concepts And Conventios :
Principles of Accounting :
Accounting is the language used by a concern for communicating financial information about itself to all those who are interested in knowing them. As such, the language of business, viz., the accounting should be clear to the persons to whom the communication is made. To make the language of business or accounting clear to the different groups of persons, a number of rules or principles have been agreed upon and followed by accountants in the writing up of accounts and in the presentation of financial statements. The general rules or principles adopted in accounting are called accounting standards or accounting principles.
Principles of Accounting :
Accounting is the language used by a concern for communicating financial information about itself to all those who are interested in knowing them. As such, the language of business, viz., the accounting should be clear to the persons to whom the communication is made. To make the language of business or accounting clear to the different groups of persons, a number of rules or principles have been agreed upon and followed by accountants in the writing up of accounts and in the presentation of financial statements. The general rules or principles adopted in accounting are called accounting standards or accounting principles.
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