Accounting Concepts Learning objectives: Explain important accounting principles. The term concepts includes those basic assumptions or conditions upon which accounting is based. The following are the important accounting concepts: Business Entity Concept Going Concern Concept Money Measurement Concept Cost Concept Duel Aspect Concept Accounting
Money Measurement Concept
Money Measurement Concept in accounting, also known as Measurability Concept, means only that transactions and events are capable of being measured in monetary terms are recognized in the financial statements.