Answer Posted / mahesh

The following are the important generally acctable concepts.

1.Entity Concept
2.Going concern Concept
3.Money measurement Concept
4.Cost Conceot
5.Accounting period Concept
6.Dual Concept
7.Matching Concept
8.Realisation Concept
9.Balance sheet Equation Concept
10.Verification and Objective evidance Concept
11.Accrual Concept

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