Preparation – NBC Institute

FA – Nov 2023 – L1 – SB – Q2 -Accounting Concepts

Explain key accounting concepts used in preparing financial statements.

Question

Briefly explain the following accounting concepts in the preparation of financial statements:
i. Going concern
ii. Consistency
iii. Accrual
iv. Fair presentation
v. Substance over form
vi. Prudence
vii. Materiality

Answer

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Tags: Accounting Concepts, Financial Statements, Preparation
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2023

Question Tag: Preparation

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FA – Nov 2023 – L1 – SB – Q2 -Accounting Concepts

Explain key accounting concepts used in preparing financial statements.

FA – Nov 2023 – L1 – SB – Q2 -Accounting Concepts

Explain key accounting concepts used in preparing financial statements.

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Explain key accounting concepts used in preparing financial statements.

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Explain key accounting concepts used in preparing financial statements.

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