Question

what is the importance of accounting concepts in the preparation of financial statements?

Answer 1

Explanation:

To determine whether accounting concepts and conventions serve as a guide in the preparation of financial statement. To ascertain if accounting concepts and conventions assist the provision of useful information for making economic decision.

Answer 2

Accounting system is based on some concepts and conventions. ... Accountants need to apply professional judgments while preparing financial reports, these concepts and principles help them to ensure that they are not being misled and that providing a true and fair view of financial statements is being accomplished.

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