Accounting concepts and principles: The Generally Accepted Accounting principle known as “GAAP” are guidelines followed for the preparation and presentation of financial statements. Following are the accounting concepts that are being followed by the accounting professionals. Business entity concept. Money measurement concept. Dual aspect concept Going concern concept Historical cost concept Matching concept To identify: The assumptions, principles, or the constraint that has been violated in each accounting situation.

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Chapter 4, Problem 4.3E

To determine

Accounting concepts and principles:

The Generally Accepted Accounting principle known as “GAAP” are guidelines followed for the preparation and presentation of financial statements. Following are the accounting concepts that are being followed by the accounting professionals.

Business entity concept.

Money measurement concept.

Dual aspect concept

Going concern concept

Historical cost concept

Matching concept

To identify: The assumptions, principles, or the constraint that has been violated in each accounting situation.

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