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Want Fundamental and basics of accounting for b.com semester 1?
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Want Fundamental and basics of accounting for b.com semester 1?
Fundamental Accounting Concepts. Share. In preparing general-purpose financial statements, several guidelines that are understood by both the accountants who prepare them and the users of such reports should be followed. Those guidelines are called generally accepted accounting principles or GAAP. Basic accounting concepts. ... These basic accounting concepts are as follows: Accruals concept. Revenues are recognized when earned, and expenses are recognized when assets are consumed.
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Want Fundamental and basics of accounting for b.com semester 1?
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