Which concepts includes cost of acquisition transaction?
Dual Aspect
Cost concept
Going concern
Objectivity
Which concepts states that accounting should focus on material facts?
Materiality
Full disclosure
Matching
Which concepts cannot over ride the provisions of applicable laws, customs, usage and business environmental in the country?
Revenue recognition
Accounting standards.
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
Cash and accrual basis are the two broad approaches of:
Basis of Accounting
System of Accounting
Full of Accounting
Revenue Recognition
Which accounting are not static in nature?
Principles
Concepts
Conventions
Postulates
Which concept requires that business transactions should be recorded in such a manner that profits are not overstated?
Accounting standard
Conservatism
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
Which concept states that the accounting transactions should not be recorded by biased accountants and others?
Consistency
Full Disclosure
Which basic accounting concept requires that the revenue for a business transaction should be considered realised when a legal right to receive it arises?
