Concept:Accounting concepts are the basic rules and assumptions that guide how financial statements are prepared.
Explanation:These concepts provide a common framework for recording and reporting financial information.
They include principles like going concern, consistency, and accrual.
Such concepts are not limited to classroom teaching or professional bodies.
Instead, they are practical rules that accountants must follow in actual practice.
Their main purpose is to ensure financial statements are accurate, reliable, and comparable.
Answer:C. followed in the preparation of financial statements