Choose and explain one of the assumptions, principles, constraints, primary characteristics, secondary characteristics, or elements of accounting as found in the conceptual framework of accounting.

  Choose one of the assumptions, principles, constraints, primary characteristics, secondary characteristics, or elements of accounting as found in the conceptual framework of accounting. Explain the concept in your own words and describe a business situation in which the concept could be applied. Do not choose a concept previously chosen by one of your classmates.

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