[kalai_vsp]

Please give me the answer accounting concept for ICWAI inter study

[rehmanvohra]

Do you remember that dialogue by Amitabh Bachchan "English is a funnny language..." However, there are certain terms we often use interchangeably, that is we do not distinguish between their meanings. For example, concept, rules, principles, standards, etc.

If you were to study the literal meaning, a concept is an idea about how thing should or should not be done. This concept is then put into practice to find its acceptability and with gradual application some changes are made to the concept and it becomes a principle to be followed. This principle is always supported by rules which act as guidance of applying that principle and over a period of its successful implementation and acceptance it becomes a standard. I hope this helps.