If a situation arises where applying another accounting principle would be contrary to all other principle, here we may use the principle of:
Prudence
Matching
Cost
Consistency
The income arising in a normal trading activities is known as:
Capital receipt
Revenue receipt
Capital expenditure
Revenue expenditure
According to business entity concept, a capital account will show:
Credit balance
Debit balance
Both debit and credit balance
No balance
Money measurement concept is also known as:
Double entry concept
Historical concept
Monetary expressions concept
Accounting entity concept
Where will the revenue expenditure appear?
Trading and profit and loss account
Balance sheet
Income and expenditure account
Payment and receipt account
There is an order placed by a customer, but no goods exchanged in hands. Is it possible to record a transaction that follows realization concept?
Yes
No
Not affected
As per account wishes
In which concept, the things related only to the business is recorded?
Business entity
Dual aspect
Money measurement
Going concern
Who gave definition for material?
American Accounts Association
Accounting Standard Board
Institute of Chartered Accounts of India
European Union Accounts
Money is a recognized unit of measure. Which of the statement is correct regarding money?
It is a modern way of valuing transactions.
It is a traditional way of valuing transactions.
It is a scientific way of valuing transactions.
It is an ignorant way of valuing transactions.
Matching principle is an extension of:
Going concern principle
Cost principle
Money measurement principle
Realization principle