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Accounting for Non-Accountants, 9th Edition by David Horner

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05

Accounting concepts

Introduction

Accounting concepts are the rules, guidelines and principles that are applied to the construction and maintenance of accounting records. Although it may seem that producing accounts is mechanistic and rigid in its approach, there are plenty of occasions when decisions will have to be made on how best to produce accounting statements. In these cases the set of accounting concepts should provide guidance on which direction to follow in producing accounting statements. There are many accounting concepts (also known as accounting conventions) which are used within the accounting profession.

These concepts are referred to throughout this book. Some of them have been formalized and are contained within the formal ...

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