Accounts must be properly credited and debited for following Double Entry System.
The uses, acceptability, application, advantages and social position of Accounting have increased to the credit of the image of Accounting.
Four basic assumptions are part of GAAP, accounting principles and the double entry system. The basic assumptions are like the pillars on which the structure of accounting is based.
In accounting, events which bring changes in the financial position of a person or an organization and for which keeping of accounts is needed are recognized as financial events
Constraints of accounting are actually the limit or boundaries that are necessary for providing information with the qualitative in characteristics.
Basic principles of Accounting are essential and these are the general decision making rules which govern the development of accounting techniques.
The ethical approach to accounting theory places emphasis on the concepts of justice, truth, and fairness.
The necessity of Accounting was deeply felt for keeping accounts of business concerns with the development of corporate business.
By following accounting concepts and principles are to be followed in the accurate, proper, reliable and honest way, the accountability established.
Many famous writers of Accounting of the world have regarded Accounting as the language of business.