ACC 301 Theory Question: Fundamental Accounting Concept As Broad Assumption – General Accepted Accounting Principles

300 Level Department of Accountancy exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.

Questions:

(a) Fundamental accounting concepts are broad general assumptions which underline the periodic financial statements of business enterprises. Discuss the assumptions.

(b) What is Generally Accepted Accounting Principles or GAAP?

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