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8. Explain any three of the following:(i) Business Entity Concept(ii) Matching Concept(iii) Consistency Concept(iv) Dual Aspect Concept |
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Answer» i) In accounting, a buisness or an organisation and it's owner are treated as TWO separately identifiable parties... this is CALLED the entity concept.. the buisness STANDS apart from other organisations as a separate economic unit.. |
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