____________ facilitate uniform preparation and reporting financial statements.
Basic concept
Basic principle
Accounting standard
Modifying principle
___________ eliminate confusing variations in accounting treatment used to prepare financial statements.
Modifiing principle
Accounting standards
____________ draw boundaries with in which acceptable conduct should lie.
Which system is recognized under the Indian companies Act 1956?
Cash basis of accounting
Accrual basis of accounting
Both 1 and 2
None of these
______________ are the policy documents issued by the recognized expert accountancy body relating to various aspects .
Modifying principles
Basic concepts
Basic principles
In which system true profit is calculated?
Cash
Accrual
The accountant follow the playing safe as principle of ____________.
Accrual concept
Conservatism
Consistency
Materiality
___________ may be regarded as a sort of law,guide to action.
__________ assets are not affected by historical cost concept.
Fixed
Current
The revenue is recognized at the point of sale is ____________ basis.
Sales
Production
