Junior Accountant Question:

Tell me what are the accounting concepts?

Answer:

Accounting concepts are the basic assumptions on which the process of accounting is based.

☛ Following are the accounting concepts
☛ Business Entity Concept
☛ Dual Aspect Concept
☛ Going Concern Concept
☛ Accounting Period Concept
☛ Cost Concept
☛ Money Measurement Concept
☛ Matching Concept

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