Chapter 2- Accounting Concepts 0.0 / 5 ? AccountingBook keepingUniversityOther Created by: Tom SamuelsCreated on: 01-02-17 20:08 Business Entity Each business be given an identity seperate from it's owners 1 of 5 Money Measurement Keeping records of transactions and events with monetary links 2 of 5 Historic Cost Transactions to do with Expenses and acquiring assets to be recorded at original cost and not current cost 3 of 5 Dual Aspect Duality or Two aspects of accounting referring to the double entry system 4 of 5 Accounting Equation Assets=Capital + Liabilities 5 of 5
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