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The basic assumption which underline the preparation of periodic financial statement is known as accounting

Accounts - Principles of Accounts
WAEC 2013

The basic assumption which underline the preparation of periodic financial statement is known as accounting

  • A. bases
  • B. techniques
  • C. concepts
  • D. method
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Correct Answer: Option C
Explanation

Accounting concepts and conventions are the basic assumptions that underline the preparation of the periodic financial statements of a business.

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