The basic accounting concepts are referred to as the fundamental ideas or basic assumptions underlying the theory and practice of financial accounting and are broad working rules of accounting activities.
In layman meaning –
In order to make the accounting language convey the same meaning to all people and to make it more meaningful, most of the accountants have agreed on a number of concepts that are usually followed for preparing the Financial Statements. These concepts provide foundation for Accounting Process. No enterprise can prepare its Financial Statements without considering these concepts.
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