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Accounting consepts (Adequate Disclosure (Financial statements should…
Accounting consepts
Adequate Disclosure
Financial statements should contain all information necessary for a reader to understand a business' financial condition
Business Entity
A business' financial information is recorded and reported separately from the owner's personal financial information
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Consistent Reporting
In the preparation of financial statements? the same accounting concepts are applied in the same way in each accounting period
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Accounting Period Cycle
Changes in finansial information are reported for a specific period of time in the form of financial statments.