27. Briefly explain the following concepts
a) Business entity
d) Matching
b) Money measurement
e) Full disclosure
f) consistency
Answers
Answer:
a)The business entity concept states that the business is separate from the owner(s) of the business.
b)the matching concept is a accountary whereby
firms recognises revenue and their related expenses in the same account period
c)The money measurement concept (also called monetary measurement concept) underlines the fact that in accounting and economics generally, every recorded event or transaction is measured in terms of money, the local currency monetary unit of measure.
d)The Full Disclosure Principle states that all relevant and necessary information for the understanding of a company's financial statements must be included in public company filings.
e)The concept of consistency means that accounting methods once adopted must be applied consistently in future.
PLEASE MARK AS BRAINLIEST AND ATHANKS