Question

Which accounting concept known as fundamental concepts?

Answer 1

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This financial information makes sense with the basic accounting principle and concept. The concepts are known as GAAP that stands for Generally Accepted Accounting Principles. These concept and principles are used as a foundation of the accounting.

Answer 2

Answer:

These basic accounting concepts are as follows: Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. ... Economic entity concept. The transactions of a business are to be kept separate from those of its owners.

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