(Billy 4) Introduction to Financial AccountingSupplemental Continuous Assessment 1Course:DT6522,...

Question

(Billy 4) Introduction to Financial Accounting

Supplemental Continuous Assessment 1

Course:DT6522, DT6524 and DT6525

Examiner:Anne Hurley

Format:Individual written essay

Topic:Please prepare a financial accounting assignment onaccounting conceptsand describe each of the accounting concepts listed below. Full sentences are required (no bullet points/listing).

· The business entity concept

· The dual aspect concept

· The money measurement concept

· The historic cost concepts

· The going concern concept

· The realisation concept

· The accruals concept

Length: 1,000 words

Submission Date: Assessments must be submitted via Brightspace (Assessment_Assignment) AND email your assessment to your lecturer ( XXXXXXXXXX), copying (cc) …… by the18thAugust 2020.

Marks:This paper will be marked out of 100

(30% of the total allocated marks for the module)

acct1021supp-ca1920-acct1021new-atj0rspb.docx

Yash · Accepted Answer

Assignment on Accounting concepts:
1.) The business entity concept
The business substance idea states that the owner(s) of the entity is independent of its business. As a result, it requires that the transactions related to business should be separately recorded and should not be mingled with the personal transactions of the proprietors and their other businesses. 
There are numerous kinds of business elements, for example, sole ownerships, associations, companies, and government elements.
Method of reasoning behind this idea includes that right off the bat every business element is to be burdened independently. Further, from the liability viewpoint, if any litigation arises out of that business, then the owners liability will be limited to the capital invested in that business only.  In addition, it is likewise impractical to review the business transactions if the same will be mingled altogether.
2.) The dual aspect concept
Dual Aspect Concept is a focal demonstration of accounting that requires the affirmation of all pieces of an accounting trade. This concept is prerequisite behind dual section accounting system. 
In a Single entry system, only a solitary piece of a trade is seen. For instance, if an sale had been made to a party then just sale will be recorded. In any case, the contrary side of the trade relating to the receipt of cash or the honor of credit to the customer isn't seen. 
Single segment accounting system has been displaced by dual section accounting. Presently, compelled usage of single segment accounting structure by individuals will be observed and little affiliations that keep an easy going record of receipts and portions. 
Dual segment accounting system relies upon the duality rule and was imagined to speak to all pieces of a trade. Under the structure, portions of trades are portrayed under two essential sorts: 
1.	Debit 
2.	Credit 
Debit is the piece of trade that speaks to the development in assets and costs,

(Billy 4) Introduction to Financial Accounting Supplemental Continuous Assessment 1 Course:DT6522, DT6524 and DT6525 Examiner:Anne Hurley Format:Individual written essay Topic:Please prepare a...

(Billy 4) Introduction to Financial Accounting

Supplemental Continuous Assessment 1

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