state any two Accounting concept

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Answer 1

Answer:

Explanation:Concept of conservatism

In contrast to costs, which are recognised earlier when there is a reasonable likelihood that they will be incurred, revenue is only recorded when there is a reasonable certainty that it will be realised. Financial statements produced using this idea typically have a more cautious tone.

Concept of consistency

Once a company decides to employ a certain accounting technique, it should do so going forward. Thus, it is possible to compare financial statements created for various periods in a trustworthy manner.

Related Questions

Which 2 reports are among the top 20 memorized reports that convert from QuickBooks Desktop to QuickBooks Online?

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The two reports that are among the top 20 memorized reports that convert from QuickBooks Desktop to QuickBooks Online are Profit and Loss and Balance Sheet reports.

The Profit and Loss report, also known as the Income Statement, shows the revenue and expenses of a business over a specified period. It helps in understanding the profitability of a business by highlighting the revenue earned, cost of goods sold, and expenses incurred. Business owners can use this report to identify areas where they can reduce expenses and increase revenue.

On the other hand, the Balance Sheet report shows the financial position of a business at a particular point in time. It presents a snapshot of the assets, liabilities, and equity of a business. It helps in understanding the liquidity of a business and its ability to meet its financial obligations. Investors use this report to evaluate the financial health of a business before making investment decisions.

In summary, the Profit and Loss and Balance Sheet reports are essential reports that every business owner needs to understand to make informed financial decisions. They provide valuable insights into the financial health of a business and help in identifying areas that require improvement.

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