Accountancy, asked by ananthavelmurugan, 4 months ago

Explain the various Accounting concepts

8 mark question.?

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Answered by ayesha513

Answer:

Accounting concepts are postulates, assumptions or conditions upon which accounting records and statement are based. The various accounting concepts are as follows: 1. Entity Concept: For accounting purpose the “business” is treated as a separate entity from the proprietor(s).

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