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Question 2 (a) Briefly discuss the following accounting concepts that are used in the preparation of financial statements: (1) Historical Cost Concept (2) Monetary Concept

Question 2

(a) Briefly discuss the following accounting concepts that are used in the preparation of financial statements:

(1) Historical Cost Concept

(2) Monetary Concept

(b) Name any 3 users of financial statements and their informational needs.

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