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(a) Money measurement concept - accounts only deal with items to which monetary value can be attached for example whose value can be measured monetarily.
(b) Separate valuation concept -in determining the amount attributed to assets or liabilities, each component of the item of assets or liability shall be treated separately.
(c) Separate entity concept - a business is regarded as a separate legal entity from the owner for example a business may litigate as itself without attaching the owner to it.
kevinnyabute answered the question on February 21, 2018 at 08:19
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