Explain the meaning and significance of the following concepts?

Question

Explain the meaning and significance of the following:


a)The going concern concept
b)The money measurement concept
c)The cost concept
d)The business entity concept
e)The matching concept
(f) The accounting period concept

Answer 1

a) a company that continues to operate into the future (instead of discontinuing current operation)
b) ?
c) cost behavior, how cost behaves.
d) ?
e) when you recognize revenue, the associated cost should be matched with that revenue.
f) accounting period starts with opening balance and ends with closing all temporary account.