What is Accounting concept and its procedure ?

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Accepted Answer

Accounting concept refers to the basic assumptions and principles that guide the preparation of financial statements.

Accounting concept includes principles like accrual, consistency, materiality, and conservatism.
The procedure involves recording financial transactions, classifying them, summarizing them, and preparing financial statements.
The financial statements include the balance sheet, income statement, and cash flow statement.
The accounting cycle involves analyzing transactions, recording them in the journal, posting them to the ledger, preparing a trial balance, adjusting entries, preparing an adjusted trial balance, and preparing financial statements.
The purpose of accounting is to provide financial information to stakeholders like investors, creditors, and management.

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