Entity concept and white board cleaning tips
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YouTubeCA Sakthi Ampalikai P
Entity concept and white board cleaning tips
What is the Entity Concept in Accounting? In this video, we explain the Entity Concept, a fundamental principle of accounting that separates the business from its owners. Learn how this concept impacts financial statements, bookkeeping, and business decision-making. Whether you’re a beginner in accounting, a commerce student, or just brushing ...
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Core accounting concepts you need to be aware of!! ✍🏻 Separate entity concept 🙋🏻‍♀️🖇️ - the business and owner and separate entities & therefore personal transactions are classed as drawings. Consistency concept✨ - use the same accounting treatments year on year to ensure the financial statements are comparable. Going concern concept 📊 - assume the business will continue to trade for the foreseeable. Prudence concept 👀 - not over or understating any figures, using provisions is a good way
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Core accounting concepts you need to be aware of!! ✍🏻 Separate entity concept 🙋🏻‍♀️🖇️ - the business and owner and separate entities & therefore personal transactions are classed as drawings. Consistency concept✨ - use the same accounting treatments year on year to ensure the financial statements are comparable. Going concern concept 📊 - assume the business will continue to trade for the foreseeable. Prudence concept 👀 - not over or understating any figures, using provisions is a good way
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