Financial Management and Analysis Assignment
1 Description

• Students are required to fully describe 10 Key concepts of accounting.

• The students are also required to cite a practical example with concept.

• Students should be able to distinguish the basic accounting concepts contained in IAS1
(Module Learning Outcomes are required to be those indicated in the Module Descriptor contained in the validated programme document)

List – Here

Understanding what accounting is and how various concepts and conventions help achieve the objectives of accounting.

 
“It is known that various concepts and conventions of accounting which have been invented and practiced for a long time have always helped accountants prepare universally comparable, understandable, reliable and relevant set of accounts”.

In the light of above statement, explain 10 key concepts of accounting and demonstrate by a suitable example for each concept as to how they help accountants prepare universally comparable, understandable, reliable and relevant set of accounts.
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