Which is an acceptable method by which the rule is applied to a given situation?
Concepts
Convention
Rule
Regulations
Business entity concept is most suitable for:
Sole ownership organization
Partnership organization
Company
HUF
Who gave definition for material?
American Accounts Association
Accounting Standard Board
Institute of Chartered Accounts of India
European Union Accounts
Only information which can be expressed in terms of money can be recorded in the accounting records. This is known as:
Money measurement concept
Going concern concept
Dual aspect concept
Accounting entity concept
Historical cost principle is closely linked with a principle. Identify the principle.
Going concern
Money measurement
Matching
Entity principle
Accounting records only those transaction and events that are in:
Financial nature
Estimates
Original cost
Manipulation
The other name of accounting entity concept.
Dual aspect
Business entity
Business transactions recorded on the basis of dual aspect is known as:
Single entry
Double entry
No entry
One entry
The income arising in a normal trading activities is known as:
Capital receipt
Revenue receipt
Capital expenditure
Revenue expenditure
‘Never anticipate profit, but provide for all possible losses”. This phrase is used to describe the principle of:
Prudence
Consistency
Cost
