Theory Base of Accounting establishes the foundational framework for financial reporting by defining the rules and guidelines known as Generally Accepted Accounting Principles (GAAP), which ensure uniformity in practice.
This chapter explores thirteen essential accounting concepts—such as Business Entity, Going Concern, and Dual Aspect—that act as the fundamental assumptions for recording transactions, while also comparing the Double Entry versus Single Entry systems and the Cash versus Accrual bases of accounting.
Furthermore, it outlines the objectives and limitations of Accounting Standards (AS) designed to enhance the reliability of financial statements, and concludes with an overview of the Goods and Service Tax (GST), detailing its components (CGST, SGST, IGST) and its role in eliminating the cascading effect of taxes in India.
Theory Base of Accounting | ||
1 | ◼️Users of Accounting Information ◼️GAAP ◼️Accounting Concepts I | |
2 | ◼️Accounting Concepts II | |
3 | ◼️Accounting Concepts III ◼️Systems of Accounting ◼️Basis of Accounting | |
4 | ◼️Accounting Standard ◼️Goods & Service Tax | |
| Presented by Shyju Elampilan | ||
