17.
State the accounting assumption or accounting principle involved in
each of the following cases:
a) Personal transactions are distinguished from business
transactions,
b) Accountant of a firm discourages the making of provision for
discount on creditors (an anticipated income) but prefer to make
provision for discount on debtors (an anticipated expense).
Entire life of the firm is divided into time intervals for the
measurement of profits.
d) The management of a firm is remarkably incompetent, but the
firm's accountant cannot take this into account.
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Answer:
Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. (✿(✿(✿(✿(✿(✿
Organizations in this sector: Institute of Chartered Accountants in England and Wales
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