Accountancy, asked by atiyarasool649, 3 months ago

what are the basic accounting concept and explain their implications

Answers

Answered by ParkaviSelvakumar

Explanation:

These basic accounting concepts are as follows: Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. ... Auditors will only certify the financial statements of a business that have been prepared under the accruals concept. Conservatism concept.

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