This principle emphasises the importance of not recording a profit until it has actually been earned. The principle is:

In business entity concept, everything is recorded:

Which principle over rules all other principles?

According to which concept, transactions are recorded only after goods changed in hands, but not credit?

The income arising in a normal trading activities is known as:

Money spent for purchasing fixed asset is known as:

Looking for similar information about the same business for an accounting period to another accounting period is known as:

A firm spends Rs.5000/- for purchasing a good which is left at the end of year. This is a:

As per historical cost, it is difficult to compare transactions occurring at different time. Why?

Which concept help to record different kinds of activity on a uniform basis?