Financial Services

Accounting concepts are foundational ideas that guide how financial information is recorded, reported, and interpreted. These concepts ensure consistency, accuracy, and transparency in financial statements, making them reliable for businesses, investors, and regulators. Below are 10 key accounting concepts, explained in a clear and human-readable way. 1. Entity Concept The entity concept states that a business is a separate entity from its owners or other businesses. This means the company’s financial records are kept distinct from the personal finances of its owners. For example, a business owner’s personal expenses, like a family vacation, aren’t recorded in the company’s books.  

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