Explain accounting concepts
Give a brief introduction of the term ‘accounting concepts’?
Expert
Accounting concepts are those basis suppositions upon which essential procedure of accounting is depending.
The basic accounting concepts are illustrated below:
i) Business Entity Concept ii) Dual Aspect Concept iii) Going Concern Concept iv) Accounting Period v) Concept Cost Concept vi) Money Measurement Concept vii) Matching Concept
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The 2010 annual report of Willamette Valley Vineyards, Inc., comprised the following information associating to their allowance for doubtful accounts: Balance in allowance at the starting of the year $54,330, accounts written off throughout the year $51,467, balance in allowance at the end of the ye
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