Question

Question 2: Which among the
following is not a concept of financial
accounting
Accrual Concept
Accrual Concept
Similar Entity Concept
Dual Aspect Concept
Mark for Review & Next​

Answer 1

Answer:

Answer is option A

Answer is option A

Explanation:

Answer is option A

Answer 2

Answer:

Similar Entity Concept

Explanation:

• Similar Entity Concept is not a concept of financial accounting.
• Accrual concept and Dual Aspect Concept both are accounting concepts.
• Accrual concept means to record the revenue or expenses when the transaction takes place and not when the actual payment is done.
• Dual Aspect concept means that every transaction will affect two accounts. If one account is debited then the other account will be credited.