Enumerate the accounting concepts which relate to final accounts, and explain any one of these with its accounting implications.
Answers
Answered by
2
Answer:
These are called final accounts. Final accounts are prepared at the end of each accounting year. ... The Materiality Concept implies that while measuring income of a business for an accounting period the nonmaterial facts can be ignored. There are two bases of accounting viz., cash basis and accrual basis.
Similar questions
Social Sciences,
5 months ago
Science,
5 months ago
Math,
5 months ago
Business Studies,
10 months ago
Psychology,
10 months ago
English,
1 year ago
Biology,
1 year ago
English,
1 year ago