Write short notes on any two of the following:
(a) Going Concern Concept
(b) Full Disclosure Concept
(c) Consistency Concept
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(b) For a business, the full disclosureprinciple requires a company to provide the necessary information so that people who are accustomed to reading financial information can make informed decisions concerning the company. ... the company's financial statements including any supplementary schedules and notes (or footnotes).
(a) The going concern concept is a fundamental principle of accounting. It assumes that during and beyond the next fiscal period a company will complete its current plans, use its existing assets and continue to meet its financial obligations. ... This underlying principle is also known as the continuing concern concept.
(a) The going concern concept is a fundamental principle of accounting. It assumes that during and beyond the next fiscal period a company will complete its current plans, use its existing assets and continue to meet its financial obligations. ... This underlying principle is also known as the continuing concern concept.
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