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Accounting concepts mostly used

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which accounting concepts mostly used in india & why ? how to know which concept are the business by balancesheet.

Replies (4)

There are more than 10 and you can find them on google or bing

Refer::  https://cleartax.in/s/accounting-standards/

Following are the Accounting Concept mostly used in our Country.

1) Business entity Concept
2) Money Measurements Concept
3) Cost Concept
4) Consistency
5) Conservatism
6) Going Concern
7) Realisation Concept
8) Accrual Concept
9) Dual Aspects Concept
10) Conversion of Disclosure
11) Conversion of Materiality 

    Above  concepts  are  necessary  assumption or  conditions on which  accounting  is based   

There are some other.


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