Choose at least two concepts in financial reporting you have

Choose at least two concepts in financial reporting you have learned and explain how you may use them in your present or future accounting position. Make sure you provide details to include how each concept will help you support the financial goals of the company you currently work for or will work for in the future. 

Solution

Accounting Concept - There are certain concept/rules that must be followed while preparing the financial statement of company these rules are known as Accounting concept.

Some of accounting principle are-

                                                  Profit And loss A/c Dr.          20000 $

                                                             To Fixed Asset A/c                    20000 $

---------------------------------------Answer is briefly made therefore any doubt are welcomed--------------------------------------