Explain accounting concepts
Give a brief introduction of the term ‘accounting concepts’?
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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
Give a brief introduction of the term Maximum level of inventory levels?
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Write down the Distribution and Selling Overheads?
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Give a brief introduction of the term ‘ABC Analysis’ and also write down is merits?
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Briefly describe the term ‘Indirect Monetary compensation’?
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What are the three best golden rules of accounts?
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