Question

1. State and explain the principles and concept of Accounting with relevant examples. Write in your own words as far as practicable.

Answer 1

Explanation:

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Answer 2

Answer:

Basic Accounting Concepts

Accounting is both a science and an art. And just like all other streams of science, even in accounting certain rules are followed. Also, accounting is based on certain assumptions as well. We call these accounting concepts or accounting concepts and principles. Let us study accounting concepts and applications in brief.