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Briefly explain the meaning of the following key accounting principles for trust accounting

2. Briefly explain the meaning of the following key accounting principles for trust accounting that ensures accurate maintenance of clients’ funds. • Accounting Entity Convention The basic principle that the personal transactions of the owner(s) should be kept separate from those of the business. • Accounting Monetary Convention The transactions are only recognized in financial statements if they can be measured in monetary terms. • Recognition of Law Convention This convention assumes that laws affecting the business and the accounting system of the business are always followed.

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