Accrual Concept Theory
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Profit arises only out of business operation when there is an increase in the owner's share of the business and not due to his contribution to the business. Any increase in owner's equity is called revenue and any reduction in it termed as a loan. In fact, it is the direct outcome of Realization Concept (already discussed) and the Accounting Period concept.
Details
- Publication Date
- Feb 13, 2013
- Language
- English
- Category
- Education & Language
- Copyright
- All Rights Reserved - Standard Copyright License
- Contributors
- By (author): Homework Help Classof1
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