Define accounting Concept And write it's implications???
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Explanation:

Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts.Accounting concepts are a set of general conventions that can be used as guidelines when dealing with accounting situations. ... Accounting information should be made available to users on a timely basis. Accounting information should be presented in a manner that is easily understandable to the user.

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