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, and the...