Explain the concepts of how are the concepts of relevance


Question: Explain the concepts of

(a) relevance and

(b) materiality.

(c) How are the concepts of relevance and materiality related?

(d) historical cost and

(e) going concern.

(f) How does the going concern concept justify the use of historical cost?

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Accounting Basics: Explain the concepts of how are the concepts of relevance
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