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Recap of Accounting Process

Concepts rela...

Question

Concepts related to income measurement and preparation of financial statements ___________.

A

Going concern concept

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B

Accounting Period concept

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C

Matching concept

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D

All of the above

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Solution

The correct option is C All of the above
Accounting concepts basically are the rules to be followed by a firm while preparing the financial statements. These concepts basically are going concern concept, accouting period concept, matching concept, accrual concept, etc.

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