Finance
Basic Accounting Concepts (Chapter 2) Money measurement: Only events measurable in monetary terms are recorded. Entity: Business is accounted separately from owner(s). Going concern: Assume the business will continue indefinitely. Cost: Assets recorded at historical cost, not current market value. Dual aspect: Every transaction has equal and opposite effects on at least two accounts (Assets = Liabilities + Equity). Accounting period: Results are reported for specific intervals (e.g., monthly, yearly).
