Accounting concepts are based on________.

Certain assumptions

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Certain facts and figures

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Certain accounting records

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Government guidelines

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Solution

The correct option is A Certain assumptions
Accounting concept define the assumptions on the basis of which the financial statements of a business entity are prepared. Following are some of the accounting concepts:
1. Separate entity concepts
2. Money measurement concept
3. Going concern concept
4. Periodicity concept etc.

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