The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

ACCOUNTING CONCEPTS Definition & Legal Meaning

Definition & Citations:

The accounting rules governing financial statement preparation. Once a method is chosen is should be used throughout. The four main concepts are accruals, consistency, going, and prudence. Refer to summary of significant accounting policies.


This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.