Accounting concepts and principles: Financial statements are prepared in accordance with the guidelines of “GAAP” (Generally Accepted Accounting principles). The main objective of GAAP is to protect the interest of the investors and ensure fair business practice. To Explain: The four underlying assumptions of GAAP.

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Accounting concepts and principles: Financial statements are prepared in accordance with the guidelines of “GAAP” (Generally Accepted Accounting principles). The main objective of GAAP is to protect the interest of the investors and ensure fair business practice.

To Explain: The four underlying assumptions of GAAP.

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