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Explain the basic accounting concepts and evaluate the significance of accounting concepts in the preparation of financial statements

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Explain the basic accounting concepts and evaluate the significance of accounting concepts in the preparation of financial statements
Answered Same Day Dec 22, 2021

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David answered on Dec 22 2021
117 Votes
Question: Explain the basic accounting concepts and evaluate the significance of
accounting concepts in the preparation of financial statements.
Accounting has always played a primary factor in the evaluation of the final profit of a company.
Accounting profit is considered as the ultimate profit of any company in accordance with
Generally Accepted Accounting Principles taking explicit costs of doing business, interest,
depreciation and taxes (Drury, 2007). Some of the researchers as well as experts have always
elieved that the accounting profit is the most simple as well as...
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