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Question 4 Four fundamental concepts of accounting are entity concept, going concern concept, unit of measure concept, and periodic reporting concept. Required: a) Explain each

Question 4

Four fundamental concepts of accounting are entity concept, going concern concept, unit of measure concept, and periodic reporting concept.

Required:

a) Explain each of the four concepts in relation to financial reporting of a company.

b) Discuss how the compliance of each concept is necessary in enhancing the quality of corporate financial reporting

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