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The application of the following concepts is presumed in the financial statements unless otherwise stated: (i) Going concern. (ii) Accruals (iii) Consistency (iv) Prudence (v)

The application of the following concepts is presumed in the financial statements unless otherwise stated:

(i) Going concern.

(ii) Accruals

(iii) Consistency

(iv) Prudence

(v) Materiality

Required: Explain each of the above concepts by giving examples of how each is applied in the preparation of the conventional financial statements.

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