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QUESTION: Discuss important Accounting Concepts? Accounting Concepts are the foundation of the accounting. These concepts are the assumptions which are generally accepted and followed while performing the recording of transactions and preparation of final accounts. The accounting concepts help in conveying the financial information in a same meaning to the various users of the accounting….
Difference between Accounting Concepts and conventions Before understanding the Difference between Accounting Concepts and Conventions, the both concepts should be known. ACCOUNTING CONCEPTS The Accounting Concepts are the foundation of the accounting. These concepts are the assumptions which are generally accepted and followed while performing the recording of transactions and preparation of final accounts. The…
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