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MB0041 – Q.1 Explain the Various accounting Concepts and Principles?

May 10, 2011 By: Meliza Category: Uncategorized

Concepts: Concepts take the form of assumptions or conditions, which guide the accountants while preparing accounting statements.
Types of Accounting Concepts
As said earlier, concepts are the basic assumptions or conditions upon which the science of accounting is based. There are five basic concepts of accounting, namely

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