Assets which cannot be touched or seen:
Fixed assets
Current assets
Intangible assets
Wasting assets
Which accounting are not static in nature?
Principles
Concepts
Conventions
Postulates
Which concept states that the accounting transactions should not be recorded by biased accountants and others?
Materiality
Objectivity
Consistency
Full Disclosure
Which concept assumes that business has a distinct and separate entity from its owners?
Basic Accounting Concepts
Money measurement concepts
Business Entity concepts
Cost concepts
Which concept requires that business transactions should be recorded in such a manner that profits are not overstated?
Accounting standard
Conservatism
Which concept emphasis's that expenses incurred in an accounting period should be matched with revenues during that period?
Revenue recognition
Matching
According to which concept that the records of the transaction are to be kept not in the physical units but in the monetary unit?
Basic accounting concepts
Business accounting concepts
Which principles refers to the rules of guidelines adopted for recording and reporting of business transaction?
Generally Accepted Accounting Principles
Business Entity Concepts
Money Measurement Concept
Which have evolved over a long period of time on the basis of past experiences usages or customs?
Generally Accepted Accounting Principles (GAAP)
Business entity concepts
What is concerned with the recording, classifying and summarizing of financial translations?
Accounting
Organising
Marketing
Training