Chapter 2- Accounting Concepts

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• 2. Duality or Two aspects of accounting referring to the double entry system (4, 6)
• 3. Each business be given an identity seperate from it's owners (8, 6)
• 4. Transactions to do with Expenses and acquiring assets to be recorded at original cost and not current cost (8, 4)
• 5. Keeping records of transactions and events with monetary links (5, 11)