1. Explain and give examples where necessary on following non fundamental concepts- Separate Entity...

Question

1. Explain and give examples where necessary on following non fundamental concepts
- Separate Entity concept
- Money measurement concept
- Historic cost concept
- Objectivity concept
- Materiality concept and
- Substance over legal form concept

Robert · Accepted Answer

Explain and give examples where necessary on following non fundamental concepts 
- Separate Entity concept: - According to this concept owners and business has separate 
legal identity. Both are different in the eyes of law and therefore have distinct identity. For 
example: - capital introduced by owner is shown in the liabilities side of balance sheet as it 
represents the obligation on the part of company. 
- Money measurement concept:

1. Explain and give examples where necessary on following non fundamental concepts - Separate Entity concept - Money measurement concept - Historic cost concept - Objectivity concept - Materiality...

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