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What are basic accounting concepts?

In: Business & Finance, Business Accounting and Bookkeeping [Edit categories]

Answer:

The main objective of Accounting concepts is to maintain uniformity and consistency in accounting records. These concepts constitute the very basis of accounting. All the concepts have been developed over the years from experience and thus they are universally accepted rules.

First answer by Anneshaw. Last edit by Anneshaw. Contributor trust: 1 Question popularity: 5 [recommend question].

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