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Question 2 Accounting concepts are the basic rules, assumptions, and conditions that define the parameters and constraints within which accounting operates. In other words,
Question 2 Accounting concepts are the basic rules, assumptions, and conditions that define the parameters and constraints within which accounting operates. In other words, accounting concepts are generally accepted accounting principles, which form the fundamental basis of consistently preparing the universal form of financial statements. Accounting concept 2 principles underpin the reliability and integrity of financial information, critical for informed business decisions. Discuss the following accounting concepts: i. Substance over form concept ii. Realization concept iii. Materiality concept iv. Prudence concept V. Going concern concept You need to give examples to explain the concepts.
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