Question

Identify and write accounting principles/ accounting assumption in the following cases:-
1) The proprietor of the business is considered as a creditor of the business to the extent of
his capital.
All business should prepare their financial statement to know the profitability and financial
position on periodic basis.
i) Valuation of losing stock at cost or market price whichever is less.
iv) All the assets of a business are equal to capital and liabilities​

Answer 1

Explanation:

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