Which of the following is not a basic assumptions of accounting?

Which accounting draws the relevant information mainly from financial accounting and cost accounting?

Costs incurred by a business in the process of earning revenue are known as:

Which are assets held on a long-term basis?

Which one decreases owner's equity?

State: Capital = ?

The excess of revenue of a period over its related expenses during an accounting year.

Assets whose value goes on declining with the passage of time are known as:

A measure of something in hand like goods, spares and other items in a business.

Expenses incurred for acquiring fixed assets.