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Explain: Accrual Concept, Realisation Concept, Going Concern
concept, Accounting period Concept
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Answer Posted / shweta
Recording the transaction when it happens without bothering
about actual receipt of cash is accrual concept.
Business is going to exist forever,this assumption is going
concern concept.
Accounting period: period at the end of which financial statements are prepared. max. could be 18 months.
Realization concept:when to record the realization of sales
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