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Question-3 (a) What do you mean by accounting concepts? (b) Discuss critically historical cost concept, going concern concept, accrual concept, matching concept and consistency concept

Question-3

(a) What do you mean by accounting concepts?

(b) Discuss critically historical cost concept, going concern concept, accrual concept, matching concept and consistency concept

What is the balance sheet? What are the uses and limitations of the balance sheet?

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