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Identify and explain the accounting concept or assumption

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Reference no: EM132967872

Question - Identify and explain the accounting concept or assumption being applied in the following examples:

(i) Capital is treated as a liability from the point of view of the business.

(ii) Potential liabilities to compensate staff in the event of cessation of the business are ignored.

(iii) Financial statements are produced annually.

(iv) Income is accounted for in the period in which it is occurred whether or not it has been paid for.

Reference no: EM132967872

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