Question: a.Using appropriate examples define precisely the following accounting concepts and for each explain their implication in the preparation of financial statements 1.historical cost concept 2.consistency

a.Using appropriate examples define precisely the following accounting concepts and for each explain their implication in the preparation of financial statements

1.historical cost concept

2.consistency concept

3.materiality concept

4.the going concern concept

5.substance over form concept

b.state and explain in details any five users of financial accounting information

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The detailed answer for the above question is provided below a 1 Historical cost concept This accounting concept states that assets should be recorded at the cost at which they were acquired For examp... View full answer

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