Accounting concepts must be defined clearly and well understood by both those who prepare financial statements and

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Accounting concepts must be defined clearly and well understood by both those who prepare financial statements and those who use the information therein for decision making for the following reasons:

(i) The information in financial statements then becomes more meaningful

(ii) It would assist accountants to account for unusual transactions

(iii) It would assist standard-makers to be consistent in their pronouncements

(iv) It would improve comparability of financial statements Which of the above statements are correct?

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Related Book For book-img-for-question

Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 31, 2023 02:26 AM

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Accounting concepts must be defined clearly and well understood by both those who prepare financial statements and

Question:

a All four bi & ii ci, ii & iii dii, iii & iv

Step by Step Answer:

a ...View the full answer

Financial Accounting An Introduction

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