JAIIB AFB Unit 7 - Basic Accountancy procedures

At the recording stage:

1. Business entity concept
2. Money measurement concept
3. Objective evidence concept
4. Historical record concept
5. Cost concept
6. Dual aspect concept

At the reporting:

1. Going Concern concept
2. Accounting period concept
3. Matching concept
4. Conservatism concept
5. Full disclosure concept
6. Materiality concept

Main conventions of Accounting

1. Accounting of full disclosure
2. Convention of Materiality
3. Convention of Conservatism
4. Convention of Consistency

Two systems of keeping records

1. Single entry system
2. Double entry system