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State the accounting concept

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Question 1: A customer who owes DML2 million cedis had his business completely burnt down by fire. It is not clear whether he will get a compensation from insurers to revive his business. Some managers of DML think this customer will not be able to pay the debt. State the accounting concept that would most probably be applied in addressing the accounting problem that arises then explain how the problem should be addressed

Reference no: EM132636418

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