The basic principle of accounting is:
Matching principle
Verification and objectivity principle
Dual aspect principle
The other name of accounting entity concept.
Dual aspect
Going concern
Money measurement
Business entity
According to which concept, transactions are recorded only after goods changed in hands, but not credit?
Realization
Cost
The fixed asset is shown on balance sheet on their book value. This means:
Original cost less depreciation
Depreciation value
Original cost plus depreciation
Diminishing return value
This principle emphasises the importance of not recording a profit until it has actually been earned. The principle is:
Cost concept
In going concern concept, it is expected that the business will cease to operate in the near future, the asset value of balance sheet is shown at:
Original cost
Market value
Sunk value
Status value
Accounting records only those transaction and events that are in:
Financial nature
Estimates
Manipulation
If the accountants does not follow this rule or concept in recording transactions, it will lead to:
Easy comparison
Impossible to understand
Simple
Time saving
In business, accounting records are always maintained on the basis of:
End will be soon
Anticipating profit
Assumed loss
Assumed continuity
Which concept help to record different kinds of activity on a uniform basis?
Money measurement concept
Going concern concept
Dual aspect concept
Accounting entity concept
