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important principles set out in GAAP. These include business entity concept, going concern concept, historical cost concept, matching concept, materiality concept and prudence concept.
VAT that is collected from the customer by the hands of the supplier of the goods or services...
First In First Out method whereby stock is issued in the order it is received.
method for recording transactions in the books of a business: for every debit entry there is a...
subsidiary journal used to record all items purchased on credit for the supplier.
process of comparing two sets of records to ensure that figures agree and are accurate