Question

explain the fundamentals concepts of accounting​

Answer 1

Answer:

Basic Accounting Principles. Accounting assumptions and principles provide the bases in preparing, presenting and interpreting general-purpose financial statements. Accrual – Income is recognized when earned regardless of when collected, and expenses are recognized when incurred regardless of when paid.

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Answer 2

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 owners.