Question

11. Final accounts are prepared on:-
Cash concept
Money measurement concept
Accrual concept
Going concern concept​

Answer 1

Answer:

Accounting Concepts and Assumptions

Accounting concepts are basic assumptions on the basis of which financial statements of a business are prepared. Accounting assumptions are broad concepts that develop GAAP (Generally Accepted Accounting Principles) upon which all the accounting is based.

Certain ideas are assumed and accepted in accounting to provide uniform accounting practices. These uniform practices help the financial statements to be comparable both internally and externally leading to better analysis and interpretation of financial data.