Accountancy, asked by adityarajadityaraj22, 9 months ago

explain the basic accounting concept and convention?

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Answered by svalarss

Answer:

These basic accounting concepts are as follows: Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. ... Economic entity concept. The transactions of a business are to be kept separate from those of its owner

Answered by khushman1190

Just 2 points more to become an expert thanxxx for free points hehe

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