Define the following concepts in accounting(a) Money measurement concept(b) Separate valuation concept(c) Separate entity concept

Define the following concepts in accounting (a) Money measurement concept (b) Separate valuation concept (c) Separate entity concept

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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.

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kevinnyabute answered the question on February 21, 2018 at 08:19

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