Basic Concepts and Conventions according to GAAP include theEntity Concept, the Reliability Concept, the...

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Accounting

Basic Concepts and Conventions according to GAAP include theEntity Concept, the Reliability Concept, the Going ConcernConvention, the Materiality Convention, the Cost Benefit Criterion,and the Stable monetary unit Concept. Briefly describe or definetwo of these concepts in terms of how financial statements areprepared or used.

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BASIC ACCOUNTING CONCEPTS AND CONVENTIONS GAAP are the set of principlesconventions and concepts that are applicablefollowed and used in accounting everywhere irrespective of state or country these are the generally accepted accounting principles by all accountants and CAs everywhere ACCOUNTING CONCEPTS 1seperate entity concept 2going concern concept 3monetary unit concept 4cost concept 5dual aspect concept 6accounting period concept 7matching concept 8realisation concept See Answer

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In: AccountingBasic Concepts and Conventions according to GAAP include theEntity Concept, the Reliability Concept, the Going...Basic Concepts and Conventions according to GAAP include theEntity Concept, the Reliability Concept, the Going ConcernConvention, the Materiality Convention, the Cost Benefit Criterion,and the Stable monetary unit Concept. Briefly describe or definetwo of these concepts in terms of how financial statements areprepared or used.