Consistency

Accounting is the art of collecting, arranging, summarising facts and figures in terms of money, transaction and events which are in part of a financial character. Accounting plays a vital role in our life for instance: depositing money in bank is related to financial matter that gets added up in the savings passbook and the final statement of transaction is prepared, the whole process can be termed here as “Accounting”. In all activities and organizations (business or non-business) which require money and other economic resources, accounting is required to account for these resources. Also, accounting is often called the language of business. The basic function of any language is to serve as a means of communication. Accounting also serves this function.

Accounting
principle
Accrual
Consistency
Conservation
Going
concern
Revenue
Recognition
Materiality
Cost
Matching