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c Accounting Principle is general law or rule followed in the preparation of


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c |sefulness, objectivity and feasibility are the three basic norms
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Œc phe entity concept considers the business and the proprietor as distinct
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ºc ?t is on the basis of going concern concept that the asset are always
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èc ›ince the life of the business is assumed to be indefinite, the financial
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c According to money measurement concept, the efficiency of the top


management of the business must be clearly recorded in the books of c Ôc
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-c According to periodic matching of cost and revenue concept, a


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[c Êash basis considers the revenue as realized when the goods are
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c phe losses from sale of capital assets need not be deducted from
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c phe convention of disclosure implies that all material information should
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c ?n keeping with the principle of materiality, important items must be


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Œc phe comparison of the results of one accounting period with that in the Ôc
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£c phe convention of conservation takes into account all prospective


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