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ACCOUNTING CONCEPTS (CONCEPT: Business Entity (A business’ financial…
ACCOUNTING CONCEPTS
CONCEPT: Business Entity
A business’ financial information is recorded and reported
separately from the owner’s personal financial information.
CONCEPT: Going Concern
Financial statements are prepared with the expectation that a business will remain in operation indefinitely.
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CONCEPT: Materiality
Some types of expenditure are less important in a business context than others. So, absolute precision in the recording of these transactions is not absolute essential.
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