Question: Briefly explain the following basic concepts as they apply to the preparation of financial statements: Accounting entity Going concern Accounting period

Briefly explain the following basic concepts as they apply to the preparation of financial statements:

• Accounting entity

• Going concern

• Accounting period

• Objectivity and reliability

• Monetary unit

• Relevance

• Full disclosure

• Materiality

• Conservatism

• Consistency and comparability

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