Accountancy & Financial Management - I F. Y. B. Com. - Semester I ( Level 4.5) Major - Mandatory (02 Credits) (As per Revised Syllabus of University of Mumbai - Academic Year: 2024-25)

Accounting Concepts: To maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules, practices and principles have evolved over some time. These rules, practices and principles in accountancy are called as 'Accounting Concepts'. These Accounting Concepts facilitate the comparison of financial statements (showing profits and losses as well as the position of assets and liabilities) of the same organisation of different periods and of different organisations for the same period.