ACCOUNTING CONCEPTS 0.0 / 5 ? AccountingAccounting conceptsASAQA Created by: chloebuckbyCreated on: 14-09-15 10:41 no personal opinions should help valuations objectivity 1 of 7 once the concept is chosen it should not change consistency 2 of 7 the lower of the cost and NRV prudence 3 of 7 the business is more than likely going to continue trading going concern 4 of 7 items grouped together materiality 5 of 7 should be recorded in the year they take place accruals 6 of 7 business and the owner have different identities busines 7 of 7
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