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