A Study to Know – Accounting Concepts and Conventions

Amanjeet kaur; Ritika khungar

A Study to Know – Accounting Concepts and Conventions

Author : Amanjeet kaur, Ritika khungar Journa Name: INTERNATIONAL JOURNAL OF SCIENTIFIC RESEARCH AND ENGINEERING TRENDS Country : India Volume: 9 issue: 6 Year: 2023 Views : 435

Abstract:

Financial statements are required by a wide variety of users for their decision- making and they also affect economic decisions of enterprises. In order to fulfill this purpose, some accounting professionals have developed a framework of ideas (accounting concepts and conventions) that is generally accepted as a foundation for preparing financial statements. This paper throws light on various accounting postulates and how these are important to different users of financial statements.