03. The concept of money measurement states that the records of
the transactions are to be kept not in the _ but in the
monetary unit.
04. The Concept of going concern assumes that a business firm would
continue to carry out its indefinitely
05.
concept refers to the span of time at the end of which
the financial statements of enterprise are prepared.
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Accounting period is the span of time at the end of which financial statements of an enterprise are prepared to ascertain the profit or loss and financial position of the organisation.
It is necessary to provide this timely information to the users of financial statements at regular intervals.
Maintaining financial statements at such interval of time is termed as accounting period concept.
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