Question

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

Answer 1

Explanation:

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.

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.