Using hypothetical but realistic organizations, present different scenarios that may lead to a deviation from the...

 

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Using hypothetical but realistic organizations, present different scenarios that may lead to a deviation from the proper use of the following accounting concepts/characteristics: 1. Entity concept 2. Realisation Concept 3. Prudence Concept 4. Accruals/matching Concept 5. Going concern Concept 6. Materiality Concept 7. Substance over form 8. Money measurement concept 9. Cost concept 10. Time interval concept The entity that you create must have a name and actual transactions (with figures). Student groups are encouraged to be as creative and innovative as possible. The accounting concept in each case must first be explained in the group's own words, not as provided in the notes, before a deviation may be discussed. Using hypothetical but realistic organizations, present different scenarios that may lead to a deviation from the proper use of the following accounting concepts/characteristics: 1. Entity concept 2. Realisation Concept 3. Prudence Concept 4. Accruals/matching Concept 5. Going concern Concept 6. Materiality Concept 7. Substance over form 8. Money measurement concept 9. Cost concept 10. Time interval concept The entity that you create must have a name and actual transactions (with figures). Student groups are encouraged to be as creative and innovative as possible. The accounting concept in each case must first be explained in the group's own words, not as provided in the notes, before a deviation may be discussed.

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ANS WER 1 The entity concept is the idea that a business is a separate entity from its owners and should be accounted for separately A deviation from this concept would be if the owners of the busines... View the full answer