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State the name of the accounting principle, concept or convention with which the following statements or situations are associated:1. Excellent quality management system of an entity is not reflected in its books of accounts even if such system enhances goodwill of the entity.2. Advance received from a customer cannot be credited to sales account. |
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Answer» 1. According to Money measurement concept, excellent quality management system of an entity is not reflected in its books of accounts even if such system enhances goodwill of the entity. 2. According to Accrual concept, advances received from a customer cannot be credited to sales account. |
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