Which principles refers to the rules of guidelines adopted for recording and reporting of business transaction?
Generally Accepted Accounting Principles
Basic Accounting Concepts
Business Entity Concepts
Money Measurement Concept
Which concept states that accounting should focus on material facts?
Materiality
Objectivity
Full disclosure
Matching
Which is concerned with the recording, classifying and summarizing of financial translations?
Accounting
Organising
Marketing
Training
Which concept states that only those transactions and happenings in an organisation can be expressed in terms of money?
Revenue recognition concept
Money measurement concept
Matching concept
Dual aspect concept
Cost of acquisition, transportation, are included in which concept?
Dual Aspect
Cost concept
Going concern
Which concept of revenue recognition requires that the revenue for a business transaction should be considered realised when a legal right to receive it arises?
Revenue recognition
Which accounting are not static in nature?
Principles
Concepts
Conventions
Postulates
Which assumption is not free from limitations?
Cost control
Accounting period concept
Going concern concept
Which concepts cannot over ride the provisions of applicable laws, customs, usage and business environment in the country?
Accounting standards.
Which concepts are referred to as the fundamental ideas or basic assumptions underlying the theory and practice of financial accounting?
Money measurement Concept
Cost Concept
