Hi dears, could you please help me with this assignment Thank you ...
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Accounting
Hi dears, could you please help me with this assignment
Thank you
Question 2 a) Describe the accounting concept that would be relevant when deciding on how to account for a transaction, which involves an owner of a business taking inventory for his own use. Also, explain the concepts with an example: i. Cost concept i. Money measurement concept ili. Dual aspect concept iv. Time interval concept (10 marks) b) Some of the accounting concepts are confusing. So, sometimes tensions arise between the different accounting concepts. In this regard, explain the differences between; i. Accruals and prudence concept ii. Consistency and prudence concept (10 marks)
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