Question

1. Basics of Accounting concept, Preparation & Presentation
of financial statements, Analysis of financial statements.​

Answer 1

Answer:

Accounting concepts and conventions as used in accountancy are the rules and principles applied when recording economic events and in the preparation of financial statements, that all accountants abide by. ... The money measurement concept, thus, limits the scope of accounting reports.

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Answer 2

Answer:

Financial accounting refers to collecting, summarizing and presentation of the financial information resulting from business transactions. It reports the operating profit and the value of the business to the stakeholders. In other words, financial accounting is used for reporting financial transactions to the stakeholders in a format that is acceptable and adaptable by all businesses.

Explanation:

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