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Accounting Concepts - Coggle Diagram
Accounting Concepts
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Cost Concept
relevant to business operation and decisions can be grouped on the basis of their nature and propose
Full Disclosure Concept
provide information that is sufficient importance to influence the judgement and decisions of an informed user
Matching Concept
states that the revenue and the expenses incurred to earn the revenues must belong to the same accounting period
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Consistency Concept
same methods should be used and followed over the years which use to calculate the value such as inventory and depreciations
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