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What is the purpose of the four key accounting concepts

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Reference no: EM132609204

There are four general assumptions that specifically underline the preparation final accounts of an incorporated business. these are Going concern (matching) comparability (consistency) and prudence concepts.

Question a) What is the purpose of these four key accounting concepts.

Question b) Describe and asses the importance of each those concepts with regards to the interpretations of prepared financial statements.

Reference no: EM132609204

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