Question: The conceptual framework makes it clear that the underlying assumption when preparing financial statements should be prepared based on the following two basis which are

The conceptual framework makes it clear that the underlying assumption when

The conceptual framework makes it clear that the underlying assumption when preparing financial statements should be prepared based on the following two basis which are Accruals basis Going concern basis REQUIRED By using a real life scenario, explain in detail how these assumptions affect the preparation of financial statements

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