Assets which cannot be touched or seen
Fixed assets
Current assets
Intangible assets
Wasting assets
Which term is defined by AICPA as "A general law or role adopted or professed as a guide to action, a settled ground or basis of conduct or practice"?
Convention
Principles
Postulates
Concepts
Which concept emphasises that expenses incurred in an accounting period should be matched with revenues during that period?
Revenue regcognition
Matching
Full Disclosure
Consistency
Which broad approach of accounting are cash basis and accrual basis?
Basis of Accounting
System of accounting
Accounting
Revenue recognition
Cost of acquisition, transportation, are included in which concept?
Dual Aspect
Cost concept
Going concern
Objectivity
The concept that states accounting transaction should be recorded in the manner so that it is free from the bias of accountants and others.
Materiality
Which concept states that accounting should focus on material facts?
Full disclosure
Which concepts are referred to as the fundamental ideas or basic assumptions underlying the theory and practice of financial accounting?
Basic Accounting Concepts
Business Entity Concepts
Money measurement Concept
Cost 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
Money measurement concepts
Which concepts states that accounting polices and practices followed by enterpries?
Accounting standard