Accounting Concepts Archives

What do you mean by accounting concepts? Briefly explain the accounting concepts which guide the accountant at the recording stage.

What Do You Mean by Accounting Concepts? Accounting concepts are the basic rules, assumptions, and guidelines that accountants follow while recording financial transactions. These concepts ensure that accounting practices are consistent, reliable, and comparable across different periods and organizations. They serve as the foundation of financial accounting and help in preparing true and fair financial […]

What do you mean by accounting concepts? Briefly explain the accounting concepts which guide the accountant at the recording stage. Read More »

“Consignment is the same thing as sale”. Discuss.

Introduction The terms “consignment” and “sale” are often used interchangeably in everyday language. However, in accounting and commerce, they have distinct meanings and legal implications. While both involve the transfer of goods, the ownership, risk, and accounting treatment differ significantly. This article explains the differences and clarifies why consignment is not the same as a